Industry Insurance Number of employees 570 Type of business Mutual | Website www.pemco.com Founded 1949 | |
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Key people Stan W. McNaughton, President/CEO Products Personal lines insurance – home, auto, boat, umbrella Headquarters Seattle, Washington, United States Revenue 378.3 million USD (in 2015) Subsidiaries Pemco Corporation, PEMCO Mutual Insurance Company, Asset Management Arm, Pemco Insurance Company Profiles | ||
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PEMCO Insurance is an American personal-lines mutual insurance company based in Seattle, Washington. Its name is an acronym for Public Employees Mutual Insurance Company.
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Pemco insurance
History
In 1936, Seattle schoolteacher Robert J. Handy took advantage of the newly legalized “credit union” concept to found Seattle Teachers Credit Union (now Inspirus Credit Union). Handy is reputed to have started the credit union with $5 in capital. Out of that enterprise grew a group of seven different but related companies, the largest of which is now PEMCO Insurance.
PEMCO has grown from premiums of $8,500 in 1949 to $378.3 million in 2015.
Today, PEMCO is the Northwest’s largest local personal-lines insurer, providing auto, home, boat, life and umbrella coverage to the general public.
The current president and CEO of PEMCO Insurance is Stan W. McNaughton. He is the son of Stanley O. McNaughton, who was president from 1970 until his death in 1998.
PEMCO’s stated niche market is in what some in the insurance industry refer to as “preferred risk”– that is, policyholders who are least likely to have traffic tickets or car accidents, and who take proactive steps to protect their own property with safeguards like car alarms, smoke detectors, and deadbolt locks.
Awards
PEMCO has earned several awards for its marketing campaigns in recent years, including: