Broome Co-operative
Broome Co-operative Insurance Company is a regional property and casualty insurance carrier, founded in 1887 and headquartered in Vestal, NY, serving individual homeowners and small-to-medium businesses across Upstate New York through a network of 120+ independent insurance agents.
- Company typePrivate
- Founded1887
- HeadquartersVestal, United States
- Headcount11–50
- GTM typeB2C
- OfferingServices
What Broome Co-operative does
Broome Co-operative Insurance Company is a regional property and casualty (P&C) insurance carrier founded in 1887 and headquartered in Vestal, New York. The company is organized as a cooperative, owned by its policyholders, and operates exclusively within New York State (excluding the five boroughs of New York City). It distributes products through a network of 120+ Independent Insurance Agents throughout Upstate New York, with no direct-to-consumer sales channel. The company is rated A' (A Prime) Unsurpassed by Demotech and B++ (Good) by AM Best, and is BBB accredited.
The company's product portfolio spans two main lines. Personal Lines include Homeowner, Manufactured Homeowner, Landlord, Dwelling Fire, and Personal Inland Marine policies. Commercial Lines include Business-owner Policy (BOP), Special Multi-Peril (SMP), Commercial Fire (CFP), Artisan/Craft 12 (ACE) for small contractors, and Commercial Inland Marine. Equipment Breakdown coverage is offered as an add-on endorsement across both lines. The company maintains a jewelry endorsement priced at approximately 2% of insured value.
Revenue is generated through recurring insurance premiums, with flexible payment plans including annual, 6-month 4-pay, and monthly recurring options (the latter incurring $2 installment fees). Credit/debit card payments carry a 3.95% processing fee. The technology stack comprises AgentConnect (independent agent portal for quoting, policy management, and accounting), InsuredConnect (policyholder self-service portal), and InvoiceCloud as the third-party payment processor. Claims are handled with 24/7 phone availability and a stated 24-hour contact commitment post-submission. Customers are primarily individual homeowners and small-to-medium commercial businesses in Upstate New York, including landlords, artisans, and Main Street retailers.
Broome Co-operative firmographics
Firmographics- Name
- Broome Co-operative
- Legal name
- Broome Co-operative Insurance Company
- Website
- https://bcicny.com
- Company type
- Private
- Founded year
- 1887
- Operating status
- Operating
- Headcount range
- 11–50 employees
- Short description
- Broome Co-operative Insurance Company is a regional property and casualty insurance carrier, founded in 1887 and headquartered in Vestal, NY, serving individual homeowners and small-to-medium businesses across Upstate New York through a network of 120+ independent insurance agents.
- Ownership category
- akta.pro rank
Where Broome Co-operative is headquartered
LocationHeadquarters
- HQ city
- Vestal
- HQ country
- United States
- HQ region
- North America
Offices1 record
Markets served
Broome Co-operative business model
Business model- GTM type
- B2C
- Offering type
- Services
- Cost components
- Personnel, Operations, Marketing or Sales, Technology or R&D
Revenue model
- Personal Lines Insurance Premiums: Homeowner, Manufactured Homeowner, Landlord, Dwelling Fire, and Inland Marine policies for individuals and families. Premiums collected through independent agents with various payment plan options including annual, 4-pay installment, and monthly recurring payments.
- Commercial Lines Insurance Premiums: Business-owner policies (BOP), Special Multi-Peril (SMP), Commercial Fire, General Liability, Artisan/Craft (ACE), and Inland Marine for small to medium businesses. Sold through independent agent network across Upstate New York.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Subscription | Annual | Annual Payment Plan |
| Subscription | Multi-year contract | Six Month 4-Pay Option |
| Subscription | Monthly | Monthly Recurring Payment (EFT or Credit Card) |
| Subscription | Annual | Jewelry Insurance Endorsement |
Go-to-market motion1 record
Distribution channels3 records
Marketing channels6 records
Broome Co-operative product offering
Product offeringCore offering
Broome Co-operative is a regional property and casualty insurance carrier organized as a policyholder-owned cooperative. It underwrites and services personal lines (homeowners, manufactured homeowners, landlord, dwelling fire, personal inland marine) and commercial lines (business owners policy, special multi-peril, commercial fire, ACE, commercial inland marine, equipment breakdown) for customers in Upstate New York, distributed through 120+ independent insurance agents.
Product overview
Broome Co-operative Insurance Company is a regional property and casualty insurance company offering a portfolio of commercial and personal insurance products through a network of independent insurance agents in New York State. The company provides two main product lines: Commercial Lines (Business-owner Policy/BOP, Special Multi-Peril/SMP, Commercial Fire/CFP, Artisan/Craft 12/ACE, and Inland Marine) and Personal Lines (Homeowner, Manufactured Homeowner, Landlord, Dwelling Fire, and Personal Inland Marine). Equipment Breakdown coverage is offered as an add-on endorsement across both commercial and personal lines. The company does not write standalone General Liability policies but attaches this coverage to Commercial Fire policies.
Differentiator
Problem solved
Functional benefit
Products and services
- Homeowner Insurance Property and casualty insurance coverage for owner-occupied homes, distributed to personal lines customers in Upstate New York through independent insurance agents.
- Manufactured Homeowner Insurance Specialty property insurance coverage for owners of manufactured homes, personal lines customers in Upstate New York.
- Landlord Insurance Property insurance coverage for owners of rental residential properties, personal lines customers in Upstate New York.
- Dwelling Fire Insurance Fire and allied lines coverage for dwellings, including non-owner-occupied and seasonal properties, for personal lines customers in Upstate New York.
- Personal Inland Marine Insurance Coverage for personal property in transit or at locations other than the insured's residence, for personal lines customers in Upstate New York.
- Business Owners Policy (BOP) Bundled property and liability insurance for small and mid-sized businesses, distributed through independent commercial lines agents in Upstate New York.
- Special Multi-Peril (SMP) Multi-peril commercial package coverage combining property and liability for small and mid-sized businesses in Upstate New York.
- Commercial Fire Insurance Commercial fire and allied lines coverage for business properties, for commercial insureds in Upstate New York.
- Commercial Inland Marine Insurance Coverage for commercial property in transit or at off-premises locations, for commercial customers in Upstate New York.
- ACE Insurance Commercial insurance product offered by Broome Co-operative for Upstate New York businesses.
- Equipment Breakdown Coverage Coverage for sudden and accidental breakdown of mechanical, electrical, and other equipment, available to commercial customers in Upstate New York.
Quantifiable outcome
- 24/7 claims availability
- +1 more outcomes
Companies that use Broome Co-operative
Customer profileNamed customers3 records
Segments4 records
Ideal customer profiles2 records
Broome Co-operative technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Integration1 record
Feature3 records
Broome Co-operative partnerships and signals
Strategic signalPartnerships
Ten partnerships are on record, tiered minor and core.
- IIABGB (Insurance Information Agency of Greater Binghamton)minorSiobhan Davey, President & CEO, serves on the board of IIABGB, demonstrating community involvement and industry engagement.
- Vestal Dollars for ScholarsminorSiobhan Davey, President & CEO, serves on the board of Vestal Dollars for Scholars, supporting local educational initiatives.
- Vestal RotaryminorSiobhan Davey, President & CEO, serves as a member of Vestal Rotary, demonstrating community service and local business engagement.
- New York State Department of Financial ServicescoreRegulatory body overseeing insurance operations in New York State. Broome Co-operative is required to comply with NYS DFS regulations and issues policyholder notices as directed (e.g., COVID-19 Business Interruption coverage guidance).
- New York Insurance AssociationminorIndustry trade association for insurance professionals in New York. Membership provides networking, education, and industry advocacy.
- Independent Insurance Agents of New York (BIG I NY)coreTrade association representing independent insurance agents. Broome Co-operative distributes products through agents who may be members of this association.
- Professional Insurance Agents of New YorkminorProfessional insurance agents trade association providing continuing education and industry resources.
- National Association of Mutual Insurance Companies (NAMIC)minorNational trade association for mutual insurance companies. Broome Co-operative, as a cooperative insurance company, may participate in NAMIC for industry representation and resources.
- Greater Binghamton Chamber of CommerceminorLocal business chamber representing the greater Binghamton area where Broome Co-operative is headquartered.
- Mutual Boiler ReminorReinsurance provider for boiler and machinery insurance. Listed as a useful resource for agents and policyholders.
Scale indicators5 records
Recent moves6 records
Expansion highlights5 records
Broome Co-operative competitors and assessment
Company assessmentDirect peers
- Cincinnati Financial: Mutual P&C insurer distributing primarily through independent agents across 40+ states. Comparable mutual ownership structure, independent-agent GTM, and emphasis on standard-market personal and small commercial lines.
- Plymouth Rock Assurance: Northeast regional P&C insurer writing home and auto across NY, MA, CT, NJ, NH, and PA through a mix of independent agents and direct channels. Comparable regional Northeast focus, personal-lines emphasis, and small-commercial offerings.
- Auto-Owners Insurance: Mutual P&C insurer distributing exclusively through independent agents across 26+ states. Highly comparable mutual structure, independent-agent-only distribution model, and emphasis on standard-market personal and small commercial lines.
- Selective Insurance Group: Regional P&C insurer serving small-to-mid commercial businesses and personal lines through independent agents across the Eastern U.S. Comparable in standard-market commercial lines focus and independent-agent channel.
- Main Street America Insurance: Mutual P&C group writing small commercial and personal lines through independent agents across the Eastern U.S. Comparable small-business Main Street focus, independent-agent distribution, and mutual structure.
- Greater New York Mutual Insurance Company (GNY): New York-based mutual P&C insurer writing commercial and personal lines through independent agents. Highly comparable mutual/cooperative ownership structure, NY-centric geographic focus, and product mix targeting small commercial and residential risks.
- Utica National Insurance Group: New York-headquartered regional P&C mutual insurer writing personal and commercial lines through independent agents. Highly comparable in structure, regional footprint, mutual/cooperative ownership model, and independent-agent distribution.
- Erie Insurance: Regional P&C insurer with strong Northeast U.S. presence, distributing through a network of independent agents. Comparable in product breadth (auto, home, commercial), regional geographic focus, and agent-driven GTM, though significantly larger in scale.
- New York Central Mutual Fire Insurance Company (NYCM): Upstate New York-based mutual P&C insurer serving individuals and small businesses through independent agents. Direct overlap in geography, product mix, mutual structure, and independent-agent distribution model.
Broad incumbents
- Travelers Companies: One of the largest U.S. P&C insurers with broad personal and commercial lines including homeowners, auto, and small commercial. Overlaps significantly with Broome Co-operative in personal homeowners and small commercial products but operates at vastly larger scale and through multiple channels.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat5 records
Key risks6 records
Key highlights7 records
Customer concentration
Broome Co-operative social profiles
Digital presenceBroome Co-operative compliance and trust
Trust signalCompliance3 records
Broome Co-operative financial estimates
Financial estimateRevenue estimate
Valuation estimate
Broome Co-operative leadership team
Management profileNumber of profiles
Profiles3 records
Broome Co-operative funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Broome Co-operative M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Broome Co-operative
What does Broome Co-operative do?
Broome Co-operative is a regional property and casualty insurance carrier organized as a policyholder-owned cooperative. It underwrites and services personal lines (homeowners, manufactured homeowners, landlord, dwelling fire, personal inland marine) and commercial lines (business owners policy, special multi-peril, commercial fire, ACE, commercial inland marine, equipment breakdown) for customers in Upstate New York, distributed through 120+ independent insurance agents.
Is Broome Co-operative a public or private company?
Broome Co-operative is a private company. It is classified as nonprofit foundation owned and is currently operating.
When was Broome Co-operative founded?
Broome Co-operative was founded in 1887. It employs 11 to 50 people.
Where is Broome Co-operative based?
Broome Co-operative is headquartered in Vestal, United States, in the North America region.
How does Broome Co-operative make money?
Two revenue lines are on record. Personal Lines Insurance Premiums are the primary driver. The others are commercial Lines Insurance Premiums.
Who are Broome Co-operative's main competitors?
Direct peers on record are Cincinnati Financial, Plymouth Rock Assurance, Auto-Owners Insurance, Selective Insurance Group, Main Street America Insurance, Greater New York Mutual Insurance Company (GNY), Utica National Insurance Group, Erie Insurance and New York Central Mutual Fire Insurance Company (NYCM). Travelers Companies is listed as a broad incumbent.
Does Broome Co-operative have an API?
No public API is recorded for Broome Co-operative.