New Jersey Manufacturers Insurance Company (NJM) will sell you
insurance, if you're part of the right group. Its property/casualty
insurance products are available only to employees of the
State of New Jersey, or members of the New Jersey Business &
Industry Association and their employees. Its individual products
include automobile, homeowners, personal liability, and flood
insurance. Its commercial products include commercial
auto and workers' compensation. Its NJM Bank subsidiary
provides checking accounts and savings accounts, as well as loans
and investment products, to individuals and businesses in the
The company sells directly to consumers, with no agents and no
sales commissions. As a mutual company, it returns dividends
to its policyholders ranging from 25% of premiums on workers'
compensation policies down to an average of 5% of premiums on
personal auto policies.
NJM is the state's leading auto insurer (by number of
vehicles covered) and workers' comp insurance provider. Personal
auto premiums account for more than half of the
company's written premiums, while workers' compensation
premiums account for almost 30%. NJM operates alongside three
sister firms: New Jersey Re-Insurance, New Jersey Casualty
Insurance, and New Jersey Indemnity Insurance. The four companies
operate together as the NJM Insurance Group.
The company was founded as New Jersey Manufacturers Casualty
Insurance in 1913. In 2008 longtime CEO Anthony Dickson stepped
down from the top post and was replaced by Bernard Flynn, formerly
the company's EVP and general counsel.
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