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Our History

Step into Pacific Specialty Insurance Company’s history, and discover a legacy built on integrity, resilience, and a profound sense of community.

Jack McGraw, Founder of PSIC

Jack McGraw

Founder

How It All Began

Jack McGraw, a driven entrepreneur, fearlessly embarked on a new journey at the age of 46 and started building PSIC from the ground. Leaving behind a prestigious position, he founded what was initially known as the McGraw Group, later evolving into the renowned Pacific Specialty Insurance Company.

In 1976, the McGraw Group, with the unconditional support of Jack’s wife, Joan, laid the foundation for a company that cherished the values of family and trust. The dedication of their family extended to the inclusion of Joan, who joined the fledgling company in the late ’70s and remained a pivotal part of its growth until Jack’s retirement in 1994.

Pacific Specialty Insurance Company, or PSIC as it is affectionately known, left a mark in the industry with a focused approach on Motorcycle and Personal Watercraft coverage. However, it was the transformative earthquake of 1994 that prompted a shift in their strategy. The company seized the opportunity to strengthen its presence in Homeowners and other property products, showcasing their ability to adapt and thrive amidst adversity.

PSIC’s commitment to excellence soon garnered acclaim, and it is now admitted in all 50 states and the District of Columbia. As one of the top 25 writers of homeowners protection in California, their impressive written premium speaks volumes about their expertise and reliability.

Mike McGraw, CEO of PSIC

Mike McGraw

PSIC’s CEO

But behind the remarkable success lies a story of humble beginnings and unparalleled dedication. Mike McGraw, current PSIC’s CEO, a true embodiment of the company’s grassroots origins, began his journey in the company as an 11-year-old working in the File Department. From those early days, until his father retired and was then appointed as the next CEO, Mike McGraw cultivated an intimate knowledge of every aspect of the business, stating proudly, “There is not a job in the company I haven’t done.”

In its pursuit of growth and expansion, PSIC remains unwavering in its commitment to maintaining a large company with a neighborhood feel. Their ultimate goal is to preserve original mission – to provide exceptional service and support, ensuring that every customer feels like part of the PSIC family.

Experience the difference of working with a company that combines the strength of an industry leader with the warmth and personalized care of a trusted neighbor.

awards

Awards & Recognitions

We are proud to celebrate our multiple industry recognitions. They help us reinforce our mission and commitment to take care of our customers and producers. Here are our top highlights in the past years.

AM Best Company A- (Excellent) rate in the 50 Ward’s list. The Ward Group analyzed the financial performance of more than 3,000 U.S. property-casualty insurance companies and identified its top performers.

For 3 consecutive years PSIC appeared in the 50 Ward’s list of top-performing

insurance companies.

For 10 consecutive years, PSIC won the Super Regional P/C Insurer, meaning that they were recognized upon these insurance companies for their exceptional performance, growth, and competitiveness in operating across multiple states.

Jack McGraw entered the Insurance Hall of Fame, a prestigious recognition honoring individuals or organizations that have made significant contributions and achieved exceptional accomplishments within the insurance industry.