Franklin Insurance Company
Franklin Insurance Company
100 Mercer Dr
Lock Haven, PA 17745
If you are located anywhere in Pennsylvania and you want to be provided with reasonable property and casualty insurance products, Franklin Insurance Company is there to assist you.
Franklin Insurance Company, with offices located in Lock Haven, has been in operation for 13 years. It was founded in 1997 and in 2001, was obtained by Mercer Insurance Group
Franklin Insurance was founded in 1844 initially as a company providing affordable protection from fire. In the early 1980s, Mercer obtained business license in the state of Pennsylvania. In 1997, Mercer Insurance Company changed its headquarters to Pennsylvania, and on June 1, 2001, the group purchased Franklin Insurance as part of its efforts to expand the scope of its business. The company has an estimated 20-49 employees.
Franklin Insurance offers casualty and property insurance products to individuals living throughout the state of Pennsylvania. The existing coverage provided by the company includes that for homeowners, personal automobile, condominium owners and condominium tenants. These policies are obtainable through an exclusive network of career agents. Similarly, the insurance buying process can be accomplished through independent agents, as this process is the company’s principal method of doing business.
These qualified agents offer a distinctive value proposition, including clear and steady market niches, first-rate customer service, local market presence and knowledge, fairness and ethics in its business dealings, and commitment to the independent agency system. Most importantly, they offer financial stability, with an A (excellent) rating from A.M. Best.
On the June 21, 2010 press release of A.M. Best, Mercer Insurance Group was rated stable, and confirmed its financial strength rating of A (Excellent) and issuer credit ratings (ICR) of A. The ratings are applicable to the inter-company members of Mercer, which includes Franklin Insurance. According to A.M. Best, the ratings are reflective of Mercer’s sufficient capitalization, its strong operating performance and its traditional management philosophy. The group continues to record positive underwriting results, which have been a vital driver of solid pre-tax returns on surplus and revenue that meet or surpass industry peers.
Franklin Insurance has an estimated annual sales of $5 to $10 million. In the quarter ending June 30, 2010, Mercer reported its generally accepted accounting principles (GAAP), under the United States GAAP, as $3.8 million, or $0.59 per diluted share. This approximates the revenue of the previous year’s quarter which was $0.60 per diluted share. In the six months ending on the same date, Mercer Group reported a GAAP net income of $7.3 million, or $1.13 per diluted share, which compares to net income for the similar period last year which is $6.6 million, or $1.06 per diluted share.