NJM Insurance Group, which had operated almost exclusively within the borders of New Jersey throughout its 104-year history, began selling policies in Pennsylvania on Jan. 1.
The main reason: It’s an easy move to make.
The company’s West Trenton headquarters sits near the Delaware River, bordering Bucks County. Many of the company’s employees are Pennsylvania residents.
“Like any business, we are constantly reviewing opportunities for growth and expansion,” CEO and President Bernie Flynn told ROI-NJ. “We think expanding further into Pennsylvania provides just the right opportunity, given our experience in the market and its close proximity to our offices.”
The company said it will offer its full range of products, including automobile, homeowners, condo, renters, umbrella, motorcycle, boat and collector car coverage.
Adding Pennsylvania clients will not be difficult.
For starters, the company already insures a limited number. In addition, technology will enable NJM to sell policies in Pennsylvania without creating a physical office in the state.
More than that, Flynn said the time was right.
“While we have primarily served consumers and businesses in New Jersey over the past 100 years, we do have experience writing insurance in Pennsylvania as an accommodation to a small number of customers who live in the commonwealth,” he said.
“As we look to the future, guided by our strategic plan, expanding deeper into Pennsylvania with our full line of products and services is the next logical step in our constant evolution as a company.”
Whether that eventual evolution of the company will include additional states is not clear.
This much, however, is: The name of the company won’t change.
While the NJ stands for New Jersey, the company uses NJM (not New Jersey Manufacturers) as its brand name.
“We are more commonly known as NJM Insurance Group,” Flynn said. “NJM will be our name in Pennsylvania.”
NJM maintains a financial strength rating of “A+” (“Superior”) by A.M. Best, the nation’s oldest and most widely recognized rating agency dedicated to the insurance industry, the company said. NJM also is among only 11.5 percent of rated insurers to receive a “superior” rating.