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State National Companies, Inc.  (SNC)
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State National Companies Inc's

Competitiveness


 

SNC Sales vs. its Competitors Q3 2017



Comparing the results to its competitors, State National Companies Inc reported Total Revenue increase in the 3 quarter 2017 by 6.09 % year on year.
The revenue growth was below State National Companies Inc's competitors average revenue growth of 14.89 %, recorded in the same quarter.

List of SNC Competitors

With net margin of 23.91 % company achieved higher profitability than its competitors.

More on SNC Margin Comparisons



Revenue Growth Comparisons




Net Income Comparison


State National Companies, Inc. Net Income in 3 quarter 2017 declined year on year by -4.1 %, faster than the decline experianced by the competitors

<<  More on SNC Income Comparisons


State National Companies Inc's Comment on Competitors and Industry Peers


We believe there are relatively few active competitors in the fronting business. We compete primarily on the basis of price, customer service, geographic coverage, financial strength ratings, licenses, reputation, business model, experience and generally not offering State National’s products for our own account. Our principal competitors are companies such as James River Group Holdings, Ltd., Clear Blue Financial Holdings, LLC., Spinnaker Insurance Company, AmTrust Financial Services, Inc. and Argo Group, which we believe only act as an issuing carrier on a limited basis or if a GA chooses to use an alternative structure in which the insurer retains the risk as opposed to that involves an issuing carrier. Unlike us, some of our competitors offer policy administration and are willing to assume a significant portion of the underwriting risk. We believe our long track record of success in this market and long-standing relationship and credibility with A.M. Best enable us to maintain our “A” (Excellent) A.M. Best rating with a relatively high operating leverage that we expect would be difficult for a competitor to obtain.

The CPI market is very competitive. However, we believe the CPI market is mature and has significant barriers to entry, such as the required investment in technology and industry-specific knowledge. We compete primarily on the basis of price, coverages offered, claims handling, customer service, geographic coverage, financial strength ratings, licenses, reputation, technology, relationships with business partners and experience. We compete in the credit union market chiefly with two other CPI providers, Allied Solutions (“Allied”) and Southwest Business Corporation (“SWBC”). Allied is a Carmel, Indiana-based independent agency selling over 100 commercial and consumer insurance products with a similar market share to us. Allied has grown principally through acquisitions since its founding in 1977 and was sold to Securian, the parent corporation of Minnesota Life Insurance Company, in 2004. SWBC is a San Antonio, Texas-based GA selling a wide range of insurance, mortgage and investment products to commercial and consumer clients. Together with these two companies, we served approximately 71% of the total credit union CPI market in 2015, with the remainder being assorted smaller players and businesses which have opted to self-insure. We estimate that our individual share of the credit union CPI market is approximately 26%.

We have increased our focus on growing our share of bank and specialty finance company CPI programs. These markets are large and growing and possess significant potential for future revenue growth. We believe that the bank automobile loan market is substantially larger than the credit union market based on outstanding loan balances.

While we sell CPI almost exclusively, our two main competitors in the credit union market, Allied and SWBC, sell a much wider range of products, many of which are offered by CUNA Mutual. We believe that our monoline focus, vertical integration and proprietary technology platform provide for faster underwriting and better servicing of CPI clients and continue to serve as a key differentiator in the eyes of our clients.

We believe that a strengthening economy, an aging automobile fleet, and easier access to credit have contributed to recent increases in vehicle sales. In addition, the size of lenders’ automobile loan portfolios has been growing, reflecting the lenders’ willingness to lend and their willingness to lend at a higher loan-to-value ratio. We believe that there is opportunity for us to benefit from future growth in the CPI market, both organically and through new account sales.





  

Total Segment Market Share Q3 2017

Revenue in Total segment grew by 6.09 %, less than State National Companies, Inc. peers within this segment.

<<  More on SNC Market Share.
 

*Market share is not actual measurement, only performance comparison of companies which report and operate within the same segment.

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SNC's vs. Competition, Data

(Revenue and Income for Trailing 12 Months, in Millions of $, except Employees)



COMPANY NAME TICKER MARKET CAP REVENUES INCOME EMPLOYEES
State National Companies, Inc. SNC 908 237 55 400
Ace Ltd ACE 0 0 0 20,000
Arch Capital Group Ltd. ACGL 11,421 5,520 873 2,030
American Financial Group Inc AFA 2,299 7,268 718 6,500
Atlas Financial Holdings, Inc. AFH 108 229 -38 214
Amtrust Financial Services, Inc. AFSI 2,899 6,689 253 6,200
Argo Group International Holdings, Ltd. AGII 1,828 1,774 50 1,313
Aspen Insurance Holdings Ltd AHL 2,501 2,515 -183 1,121
American International Group Inc AIG 33,929 47,464 -6,051 65,000
Assurant Inc AIZ 0 0 0 17,600
Allstate Corp ALL 29,476 40,177 3,770 38,800
Allied World Assurance Co Holdings, Ag AWH 0 0 0 1,433
Axis Capital Holdings Ltd AXS 4,690 5,202 203 1,225
BERKSHIRE HATHAWAY INC. BRK 0 0 0 316,000
Brown & Brown Inc BRO 3,952 1,841 270 7,807
Protective Insurance Corp BWINA 354 424 12 438
Chubb Ltd CB 61,065 33,106 5,140 10,200
Cincinnati Financial Corp CINF 13,112 5,605 1,381 4,305
Conifer Holdings, Inc. CNFR 41 101 -4 133
China United Insurance Service, Inc. CUII 92 73 10 2,239
Donegal Group Inc DGICA 431 776 -21 14
Emc Insurance Group Inc. EMCI 693 693 40 1
Endurance Specialty Holdings Ltd. ENH 0 2,539 283 1,154
Enstar Group Ltd ESGR 3,768 968 71 1,327
Essent Group Ltd. ESNT 3,513 687 501 366
First Acceptance Corp FAC 34 348 -9 1,400
Fednat Holding Co FNHC 275 405 13 297
Global Indemnity Ltd GBLI 481 510 -6 460
Triple-s Management Corp GTS 0 3,001 -14 3,257
Homeowners Of America Holding Corp HAHC 0 0 0 56
Hallmark Financial Services Inc HALL 199 392 5 411
Hci Group, Inc. HCI 481 240 38 225
Hartford Financial Services Group Inc HIG 15,113 16,974 -2,092 17,500
Horace Mann Educators Corp HMN 1,585 1,153 64 1,350
Heritage Insurance Holdings, Inc. HRTG 394 464 18 247
Infinity Property & Casualty Corp IPCC 1,572 1,529 55 2,300
James River Group Holdings, Ltd. JRVR 1,154 889 52 367
Kingsway Financial Services Inc. KFS 51 121 -15 305
Kingstone Companies, Inc. KINS 167 110 6 69
Kemper Corporation KMPR 4,597 3,328 221 5,600
Loews Corp L 14,504 14,406 1,333 17,510
Onemain Holdings, Inc. LEAF 1,033 2,272 318 11,400
Mercury General Corp MCY 3,223 3,421 96 4,500
Metlife Inc MET 40,630 64,969 5,445 66,000
Markel Corp MKL 14 7,461 1,062 10,600
National Interstate Corp NATL 0 0 0 715
Navigators Group Inc NAVG 2,101 1,457 93 675
National General Holdings Corp. NGHC 2,766 4,449 113 4,630
National Security Group Inc NSEC 33 65 3 1
Onebeacon Insurance Group, Ltd. OB 0 1,174 70 1,150
Old Republic International Corporation ORI 6,473 6,467 777 8,200
Progressive Corp PGR 37,202 31,064 2,942 26,501
1347 Property Insurance Holdings, Inc. PIH 29 52 1 22
Proassurance Corp PRA 2,201 916 89 938
Rli Corp RLI 3,260 854 142 902
Safeco Corporation SAFC 0 0 0 0
Safety Insurance Group Inc SAFT 1,322 847 76 622
Selective Insurance Group Inc SGZA 1,448 2,577 163 2,200
State Auto Financial Corp STFC 0 0 0 2,065
Hanover Insurance Group, Inc. THG 4,857 5,193 319 4,800
Tiptree Inc. TIPT 189 569 42 929
Toyota Motor Credit Corporation TMCC 0 9,654 3,414 3,140
Travelers Companies, Inc. TRV 33,164 29,937 1,925 30,200
United Fire Group Inc UFCS 1,386 1,009 74 1,057
United Insurance Holdings Corp. UIHC 782 734 38 119
Unico American Corporation UNAM 34 35 -5 86
Universal Insurance Holdings, Inc. UVE 1,487 809 160 392
Berkley W R Corp WRB 9,732 7,911 656 7,621
White Mountains Insurance Group Ltd WTM 2,902 -196 -12 2,973
Xl Group Ltd XL 15,194 11,595 -367 4,663
Alleghany Corp Y 9,330 7,331 917 3,135
SUBTOTAL 398,475 410,381 25,554 757,410
     
       
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