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NJM Insurance Group

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NJM Insurance Group
FormerlyNew Jersey Manufacturers Casualty Insurance Company
Company typeMutual
IndustryInsurance
FoundedJune 7, 1913 (1913-06-07)
HeadquartersWest Trenton, New Jersey, United States
Number of locations
3 offices (West Trenton, Hammonton, Parsippany)
Key people
Mitchell A. Livingston President & Chief Executive Officer

Carol L. Voorhees Senior Vice President & Chief Information Officer
Kate Ro Senior Vice President & General Counsel

Chris Malone Senior Vice President & Chief Financial Officer
$145,724,508[1] (2019)
Total assets$7,895,572,164[1] (2019)
Number of employees
~2,500
Websitewww.njm.com

NJM Insurance Group is an American mutual insurance group of companies, offering personal auto, commercial auto, workers' compensation, homeowners, condo, renters, and umbrella insurance. It is headquartered in the West Trenton section of Ewing Township, New Jersey, and serves markets in Connecticut, Delaware, Maryland, New Jersey, New York, Ohio, and Pennsylvania.[2][3]

History

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NJM Insurance Group, originally known as New Jersey Manufacturers Casualty Insurance Company, formed as a workers’ compensation insurance company on June 7, 1913, two years after New Jersey passed the Workmen's Compensation Act[4] which required all employers to carry insurance coverage for injured workers.[5] The company's original goal was to provide cost-effective, safety-conscious, and financially secure insurance to New Jersey business owners. By 1922, the company was the largest provider of workers’ compensation insurance in New Jersey.[6]

In 1921, NJM began providing insurance for property loss, commercial auto accidents, private automobiles, and homes.[7]

On January 1, 1965, the New Jersey Manufacturers Indemnity Insurance Company (founded as the New Jersey Manufacturers Fire Insurance Company on December 6, 1921) merged into the New Jersey Manufacturers Casualty Insurance Company to form the current legal entity. The merger had been announced on April 24 of the prior year, with approval being granted by the Commissioner of Insurance on October 28.[1]

NJM's main office has been in West Trenton since 1966. Personal Lines and Commercial Lines Underwriting, General Claims and Medical Services Administration are headquartered there, as are most support services for company operations. NJM has had additional offices in northern New Jersey since the 1950s, but the company's main North Jersey branch has been consolidated in Parsippany since 1996. The southern New Jersey branch opened in Hammonton in 2000.[8]

In 2015, American soccer player and long-time NJM policyholder Carli Lloyd was announced as the company's spokesperson.[9] This partnership ended after Lloyd's retirement in 2021.[10]

In 2018, NJM expanded its services to Pennsylvania residents.[11]

In 2019, services were expanded into Connecticut, with Ohio, Delaware, and Maryland following in 2021.[12][13]

Products and services

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Personal insurance

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NJM provides auto, homeowners, renters, condo, and umbrella insurance to residents of New Jersey, Pennsylvania, Connecticut, Ohio, and Maryland.[14] NJM partners with American Modern Insurance Group to offer coverage for motorcycles, ATVs, boats, and collector cars.[2][15]

Commercial insurance

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The company originally formed to provide workers' compensation insurance to businesses in New Jersey.

As of 2024, it writes workers’ compensation coverage in Connecticut, Delaware, Maryland, New Jersey, New York, and Pennsylvania. The company has also provided New Jersey businesses with commercial auto insurance and commercial general liability insurance (CGL).[7]

Consumer safety

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NJM runs several Teen Driver Safety Programs, which bring safety programming and education to New Jersey schools.[16] In 2013, NJM commemorated its centennial with a "DNT TXT N DRV" (Don't Text and Drive) campaign.[17] The company donated $50,000 to charity at the conclusion of the campaign,[18] which marked the start of NJM's Teen Driver Safety Programs.

Since 2013, NJM has donated more than 60 driving simulators to New Jersey and Pennsylvania high schools to support safe driving.[19]

Partnerships and sponsorships

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Trenton Thunder

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NJM partners with the Trenton Thunder for their "Safe at Home" Program. The program designates $50 per run scored at Thunder home games through the season and playoffs to a local charity organization.[20] Since 2012, this partnership has resulted in donations of more than $140,600.[21][22]

Philadelphia 76ers

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Since 2018, NJM has partnered with the Philadelphia 76ers to promote teen driving safety in Pennsylvania. In 2018 and 2019, the Sixers and NJM hosted a National Teen Driver Safety Week kick-off event at the Wells Fargo Center in Philadelphia.[23][24]

Philadelphia Union

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In 2019, NJM became the Official Automotive Insurance Partner of the Philadelphia Union.[25]

Recognition and awards

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  • AM Best Company financial strength rating: A+ (Superior rating), and Financial Size Category: XV.[26] As of 2010, NJM's Best rating has been "A" or better every year except for a "C" rating in 1933.[27]
  • NJM generated zero valid complaints in 2010,[28] 2012,[29] and 2013,[30] according to the New Jersey Department of Banking and Insurance. NJM regularly receives among the lowest complaint ratios of all carriers insuring at least 100,000 vehicles in New Jersey.[31]
  • NJM was the first company to receive J.D. Power’s Personal Auto Claims Certification in 2018.[32] In 2019, J.D. Power ranked NJM Insurance Company among the best for overall satisfaction in its U.S. Auto Insurance Study.[33]
  • In 2019, Forbes included NJM on its list of America’s Best Employers by State[34] and Best Midsize Employers.[35]
  • Clearsurance awarded NJM the #1 ranking for consumer’s choice among car insurance companies in 2018 and the #2 ranking in 2019.[36]
  • In 2016, NJM was the New Jersey State Governor’s Jefferson Award Honoree for its corporate giving program.[4]
  • The National Safety Council awarded NJM with the Teen Driver Safety Leadership Award in 2016, recognizing the Teen Driver Safety Program for its demonstrated results in changing behaviors and attitudes in young drivers and reducing teen crashes, injuries, and deaths.[37]
  • In 2019, PR Daily awarded NJM the Corporate Social Responsibility Award for Public Health or Safety Initiative for the Teen Driver Safety Program.[38]
  • In 2022, NerdWallet listed NJM a "top insurance company heading into 2022."[39]

References

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  1. ^ a b c REPORT ON EXAMINATION AS TO THE CONDITION OF NEW JERSEY MANUFACTURERS INSURANCE COMPANY, TOWNSHIP OF EWING, NEW JERSEY 08628, AS OF DECEMBER 31, 2019, NAIC GROUP CODE 0708, NAIC COMPANY CODE 12122 (PDF) (Report). December 31, 2020. Archived (PDF) from the original on January 6, 2022. Retrieved January 5, 2021.
  2. ^ a b NJ staff, ROI (2021-01-05). "NJM adds 4th state (Ohio) to its coverage area". ROI NJ. Archived from the original on 2021-04-22. Retrieved 2021-04-22.
  3. ^ "New Jersey's BCA Insurance Group Partners with NJM Insurance Group". Insurance Journal. 2020-07-22. Archived from the original on 2021-04-22. Retrieved 2021-04-22.
  4. ^ a b "NJM: A Garden State Legacy". Archived from the original on 2020-01-15. Retrieved 2020-01-15.
  5. ^ "NJ Workers' Compensation Guide". www.scura.com (in Spanish). Retrieved 2024-06-28.
  6. ^ Times, The (2013-03-31). "New Jersey Manufacturers Insurance Company in Ewing celebrates its centennial". nj. Archived from the original on 2020-01-15. Retrieved 2020-01-15.
  7. ^ a b "About NJM". Archived from the original on 2020-01-15.
  8. ^ "NJM Insurance - NJM History". Njm.com. Archived from the original on 2016-06-25. Retrieved 2016-06-26.
  9. ^ "World Cup star Carli Lloyd is newest face of NJM Insurance". NJ.com. Archived from the original on 2018-08-23. Retrieved 2018-08-23.
  10. ^ Yanchulis, Kate (2022-11-24). "USWNT's Carli Lloyd finally can 'soak in every moment' after retirement". Just Women's Sports. Archived from the original on 2024-05-22. Retrieved 2024-05-22.
  11. ^ "NJ insurer stretches into Pa. market" (PDF).
  12. ^ "NJM Insurance Expanding to Ohio". New Jersey Business Magazine. Archived from the original on 2022-06-29. Retrieved 2024-05-29.
  13. ^ Bergeron, Tom (2021-09-08). "NJM expands coverage into Delaware, Maryland". ROI-NJ. Archived from the original on 2023-12-08. Retrieved 2024-05-29.
  14. ^ "NJM expands coverage into Delaware, Maryland". 8 September 2021. Archived from the original on 23 May 2022. Retrieved 9 March 2022.
  15. ^ "NJM - NJM Expands Partnership to Offer Enhanced Collector Car Insurance". NJM. Archived from the original on 2020-01-15. Retrieved 2020-01-15.
  16. ^ "NJM Hires Callahan to Expand Teen Driver Safety Program in Pennsylvania". Insurance Journal. 2018-10-24. Archived from the original on 2020-01-15. Retrieved 2020-01-15.
  17. ^ "For Safety's Sake, DNT TXT N DRV". www.mydigitalpublication.com. Retrieved 2020-01-15.
  18. ^ "NJM donates $50,000 to charity from DNT TXT initiative". NJTV News. 2014-02-27. Archived from the original on 2020-01-15. Retrieved 2020-01-15.
  19. ^ "ELFNJ: National Teen Driving Safety Leadership Award Presented to NJM". New Jersey School Boards Association. 2016-12-09. Archived from the original on 2020-01-15. Retrieved 2020-01-15.
  20. ^ "NJM to Donate $50 to Trenton Area Soup Kitchen (TASK) for Every Trenton Thunder Run Scored - Trenton Area Soup Kitchen". www.trentonsoupkitchen.org. Archived from the original on 2020-01-15. Retrieved 2020-01-15.
  21. ^ "NJM and the Trenton Thunder - The Capital City's All-Star Team". MiLB.com. Archived from the original on 2020-01-15. Retrieved 2020-01-15.
  22. ^ "Thunder and NJM Insurance Group Raise Money for Safe at Home Program". MiLB.com. Retrieved 2024-05-29.
  23. ^ "Sixers take part in National Teen Driver Safety Week". 6abc Philadelphia. 2019-10-22. Archived from the original on 2020-01-15. Retrieved 2020-01-15.
  24. ^ "NJM partnering with Sixers to bring 'Share the Keys' program to Pa". ROI-NJ. 2018-10-23. Archived from the original on 2020-01-15. Retrieved 2020-01-15.
  25. ^ "Philadelphia Union Announce New Partnership with NJM Insurance Group". OurSports Central. 2019-06-05. Archived from the original on 2020-01-15. Retrieved 2020-01-15.
  26. ^ "Company Profile - Best's Credit Rating Center". ratings.ambest.com. Retrieved 2020-01-15.
  27. ^ Gorskt, Dennts. "Standing the Test of Time," Best's Review, July 2010.
  28. ^ "2010 Auto Insurance Consumer Information Report" (PDF). New Jersey Department of Banking and Insurance. 2011-05-24. Archived (PDF) from the original on 2011-05-24. Retrieved 2020-01-15.
  29. ^ "2012 Auto Insurance Consumer Information Report" (PDF). New Jersey Department of Banking and Insurance. 2013-09-28. Archived (PDF) from the original on 2013-09-28. Retrieved 2020-01-15.
  30. ^ "2013 Auto Insurance Consumer Information Report" (PDF). New Jersey Department of Banking and Insurance. 2014-11-14. Archived (PDF) from the original on 2014-11-14. Retrieved 2020-01-15.
  31. ^ "NJDOBI Consumer Information - Automobile Insurance". www.state.nj.us. Archived from the original on 2020-01-15. Retrieved 2020-01-15.
  32. ^ "J.D. Power Introduces Insurance Claims Certification Program | J.D. POWER". www.jdpower.com. Archived from the original on 2020-01-15. Retrieved 2020-01-15.
  33. ^ "2019 U.S. Auto Insurance Study: 10116ENG | J.D. POWER". www.jdpower.com. Archived from the original on 2020-01-15. Retrieved 2020-01-15.
  34. ^ "America's Best Employers By State". Forbes. Archived from the original on 2020-02-10. Retrieved 2020-01-15.
  35. ^ "America's Best Midsize Employers". Forbes. Archived from the original on 2020-01-04. Retrieved 2020-01-15.
  36. ^ "NJM Insurance: Rates, Discounts & Consumer Ratings". Clearsurance. Archived from the original on 2020-01-15. Retrieved 2020-01-06.
  37. ^ NJ.com, Cristina Rojas | For (2016-10-15). "NJM wins national award for improving teen driver safety". nj. Archived from the original on 2020-01-16. Retrieved 2020-01-15.
  38. ^ "Corporate Social Responsibility Awards 2019 Winners - PR Daily". PR Daily. Archived from the original on 2020-01-15. Retrieved 2020-01-15.
  39. ^ "Top auto insurance companies to start 2022".
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