Everything you need to know about Philadelphia Insurance Companies
At a glance:
Gross written premium: c.$3.469 billion (2017)
Combined ratio: 93% (2017)
Number of offices in the US: 50
Number of employees: c.1,600
Founder: James J. Maguire, Sr.
Philadelphia Insurance Companies (PHLY) is a property & casualty (P&C) insurer for niche markets in the US. The Bala Cynwyd, PA-based firm has 50 offices located strategically across the US from which it designs, markets and underwrites commercial P&C and professional liability insurance products for select markets.
As a member of Tokio Marine Group - the oldest P&C insurer in Japan and one of the largest insurance groups in the world - PHLY has strong financial backing and has held an A++ rating from A.M. Best since 2011.
A brief history of PHLY
Philadelphia Consolidates Holding Corporation is the brain child of Pennsylvanian entrepreneur and philanthropist, James J. Maguire, Sr. The company was formed in 1980 and today owns several subsidiaries, including Maguire Insurance Agency, Inc. (an insurance market firm), Tokio Marine Specialty Insurance Company (a surplus lines insurer), and Philadelphia Indemnity Insurance Company (PHLY’s flagship P&C insurer).
The Maguire Insurance Agency was founded in 1962 as a provider of specialty insurance for the automobile industry. It landed a major deal with Chevrolet dealers in 1969, which led to the creation of the comprehensive WHELWAYS program for automobile dealers. The success of the program helped Maguire Insurance Agency expand to 15 offices across the US by the mid-70s.
The firm began operating as Philadelphia Insurance Companies (PHLY) in 1987 and slowly started introducing new insurance products. PHLY went public in 1993 and has now grown into a countrywide specialist insurance juggernaut, covering over 120 niche business markets from 50 offices across the US.
December of 2008 saw one of the greatest milestones in PHLY’s colorful history. The firm completed what is considered to be one of the largest transactions for financial firms in Japanese history, merging PHLY with the Tokio Marine Group.
PHLY offers specialized insurance products in over 120 niche markets, including but not limited to: commercial auto; cyber security; educational; entertainment & recreation; habitational; health & fitness; non-profit and human services; outdoor products; public services; real estate; special events; sports; management & professional liability; surety bonds; excess & surplus lines; and antique collector vehicles.
How does PHLY distribute its products?
PHLY goes to market through multiple distribution channels, including preferred producers, fire-marked producers, independent insurance producers, wholesalers, and directly via the internet.
Working at PHLY
The Pennsylvania-based firm prides itself on being a “fun” place to work. The firm is always looking for fresh talent and has demonstrated its support for future generations of insurance professionals by launching the PHLY Summer Associates Program, a 10-week internship experience for students.
Those who do join the PHLY team get access to a number of perks, including educational incentives (tuition reimbursement, industry designations, certification programs etc.), investment incentives (a 401K plan), medical benefits, and other voluntary benefits (wellness programs, critical illness & accident plans, parental leave, and so on).
PHLY is not only one of the leading insurers of non-profit organizations; it’s also a major philanthropic supporter. Since 1980, the firm has contributed over $34.5 million to charitable causes and organizations, including: $22.9 million in support of education, $2.5 million to human service organizations, $1.75 million to organizations that promote health & fitness, and $212,673 in support of the arts.
More about James J. Maguire – PHLY founder and chairman emeritus
Maguire is a graduate of Saint Joseph’s University in Philadelphia, PA, and also holds honorary degrees in Law from Gwynedd-Mercy College, Chestnut Hill College, and is an honorary member of Beta Gamma Sigma. He’s a Korean War veteran and is a past member of the board of directors and executive committee for The Pennsylvania Insurance Federation. Maguire is the author of a biography entitled, ‘Just show up every day’ which chronicles the history of PHLY, the Maguire family, and his personal struggle with dyslexia.
Alongside his wife, Maguire is co-principal of the Maguire foundation, a philanthropic educational enterprise. He’s known for doing lots of non-profit work throughout Philadelphia, particularly helping and mentoring underprivileged children in the Pennsylvania.
The Maguires have been married for 55 years and have lived in Chestnut Hill, PA, for more than 43 years. They have nine children and 21 grandchildren, and their oldest son, James J. Maguire, Jr. became president and CEO of PHLY from 2002-2012 and was later named chairman of the board in February 2010.