American Family Insurance
From Wikipedia, the free encyclopedia
| American Family Insurance | |
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 |
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| Type | Mutual |
| Founded | 1927 |
| Headquarters | Madison, Wisconsin, USA |
| Key people | David Anderson, CEO[1] |
| Industry | Insurance & Finance |
| Products | Auto, Home, Life, Health and Commercial Insurance |
| Revenue | ▲$$6.867 billion USD (2007)[2] |
| Net income | ▲$24.447 million USD (2006)[2] |
| Website | www.amfam.com |
American Family Insurance (aka AmFam) is a private mutual company which focuses on property, casualty and auto insurance, but also offers commercial insurance, life, health, and homeowners coverage, as well as investment and retirement-planning products. A Fortune 500 company, its revenues for 2007 were over $6.8 billion[2][3].
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[edit] History
American Family's history began on October 3, 1927[4], when insurance salesman Herman Wittwer opened the doors of Farmers Mutual Insurance Company in Madison, Wisconsin (not to be confused with the Farmers Insurance Group). At the time, the company's only product was auto insurance and its target market was farmers. Wittwer believed farmers presented lower risks than city drivers because they drove less often and not at all in the winter [4].
Over the years, Farmers Mutual expanded its market and product line to meet the changing needs of its customers. In 1963, Farmers Mutual changed its name to American Family Mutual Insurance Company to reflect its broader customer base.[4].
[edit] Subsidiaries
Companies of the American Family Insurance Group include:[5]
- American Family Mutual Insurance Company (AFMIC)
- American Standard Insurance Company (ASIC)
- American Family Life Insurance Company (AFLIC)[6]
- American Family Brokerage, Inc. (AFB)
- American Family Insurance Company of Ohio (AFICO; Ohio subsidiary, companion to American Family Mutual Insurance Company)
- American Standard Insurance Company of Ohio (ASICO; Ohio subsidiary; companion to American Standard Insurance Company of Wisconsin)
- American Family Securities, LLC (AFS)
- Amfam.Com Inc.(AMFAM)
[edit] Operating Territory
The American Family Insurance Group is based in Madison, Wisconsin, but also has regional offices in Eden Prairie, Minnesota, Saint Joseph, Missouri, Denver, Colorado and Columbus, Ohio.[7]
[edit] Products
[edit] Vehicle Insurance
Car insurance, Motorcycle Insurance, Snowmobile Insurance, Boat Insurance, Motor Home Insurance, Personal Liability Umbrella
[edit] Property Insurance
Homeowners Insurance, Apartment Insurance, Condo Insurance, Mobile Home Insurance, Farm & Ranch Insurance, Flood Insurance
[edit] Health Insurance
Major Medical Health Insurance, High Deductible Health Insurance, Short Term Health Insurance, Medicare Supplement Insurance
[edit] Life Insurance
Term Life Insurance, Universal Life Insurance, Variable Universal Life Insurance, Whole Life Insurance
[edit] Business Insurance
Apartment, Automotive, Condo, Motel/Hotel, Religious Institutions, Restaurant, Key Policy, Business Auto, Workers Comp, Commercial Umbrella, Employee Benefits Liability, Self-Employed Coverage, Rental Dwellings
[edit] Significant Milestones
Below is a list of important milestones in the corporate history of American Family Mutual Insurance.
- 1927 Farmers Mutual Automobile Insurance Company is founded on Oct. 3 in Madison, Wis.
- 1938 Both premiums and assets surpass $1 million.
- 1957 Farmers Mutual offers its own sickness and accident insurance.
- 1958 Company introduces homeowners insurance and opens American Family Life Insurance Company.
- 1959 Farmers Mutual enters the computer age with the RAMAC 305.
- 1961 American Standard begins sales.
- 1962 Company offers farmowners insurance.
- 1963 Policyholders give final approval on March 5 to change the company's name to American Family Mutual Insurance Company.
- 1969 American Family Financial Services opens.
- 1975 Commercial Lines is introduced. American Family grows to become the fifth-largest mutual auto insurer.
- 1981 Assets surpass $1 billion. American Family becomes the fourth-largest mutual auto insurance company.
- 1985 American Family Brokerage, Inc. opens.
- 1986 American Family posts its first $100 million operating gain.
- 1992 Policyholders' surplus exceeds $1 billion.
- 1994 American Family rolls out its one-of-a-kind catastrophe trailer. The company ranks as the 11th-largest property/casualty insurer.
- 1996 American Family first appears on the Fortune 500 list at number 403. The company has been on the list ever since.
- 1997 American Family grows to become the 10th-largest property/casualty insurer in the nation. Assets surpass $8 billion.
- 2001 American Family Securities, LLC introduces variable products. Assets for American Family Mutual Insurance Company exceed $10 billion.
- 2002 American Family celebrates its 75th anniversary.
- 2003 American Family Donates $10,000,000.00 to begin construction of the future UW Children's Hospital, to be named American Family Children's Hospital.
- 2006 Furthers expansion into Washington State. American Family is now in 18 states across the U.S.
- 2008 American Family plans to enter the state of Georgia in 2009, bringing its coverage to 19 states.
[edit] Accolades
[edit] American Family Children’s Hospital
On March 4, 2003, American Family Insurance announced a $10 million gift launching the campaign to create the American Family Children’s Hospital[8] at the University of Wisconsin Hospital and Clinics. From that initial gift, the amount grew by several millions more through employee, agent and additional corporate donations. The hospital opened for business in September of 2007. [9] [10] [11]
[edit] United Way
American Family Insurance supports the United Way all over their operating territory. In 2007, employees donated close to $1 million dollars. [12] [13]
[edit] References
- ^ American Family prepares for new CEO - Small Business Times
- ^ a b c American Family Reports Losses - 3/7/2007 - insurancenewsnet.com
- ^ Our Company - Newsroom - 03/03/08 2007 Annual Report
- ^ a b c Company - About Us - Company History
- ^ http://www.amfam.com/company/about_home.asp
- ^ Not to be confused with AFLAC, American Family Life Assurance company
- ^ Our Company - Where We Are
- ^ American Family Children's Hospital and Pediatric Services, UW Health, University of Wisconsin Hospital, Madison
- ^ Wisconsin State Journal
- ^ American Family Children's Hospital - UW Foundation
- ^ American Family Children's Hospital, UW Health, University of Wisconsin Hospital, Madison
- ^ United Way of Delaware County
- ^ http://www.uwozarks.com/news_update_45.asp
