| Type | Mutual |
|---|---|
| Industry | Insurance & Finance |
| Founded | 1927 |
| Headquarters | Madison, Wisconsin, USA |
| Key people | David Anderson, CEO[1] |
| Products | Auto, Home, Life, Health and Commercial Insurance |
| Revenue | $6.742 billion USD (2008)[2] |
| Net income | $24.447 million USD (2006)[3] |
| Website | American Family Insurance - www.amfam.com |
American Family Insurance (aka AmFam) is a private mutual company that 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 2008 were over $6.7 billion.[2][4]
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American Family Insurance's history began on October 3, 1927,[5] 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.[5]
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.
Companies of the American Family Insurance Group include:[6]
American Family insurance products include: term, universal, and whole life insurance; personal and business auto insurance, personal umbrella insurance, home insurance; motorcycle, boat, motor home, snowmobile and car insurance; business liability key policy, and business policy package insurance; farm and ranch liability insurance; travel, trip cancellation, and global medical insurance[9]
The American Family Insurance Group is based in Madison, Wisconsin, and has regional offices in Eden Prairie, Minnesota, Saint Joseph, Missouri, Denver, Colorado and Columbus, Ohio.[10]
Below is a list of milestones in the corporate history of American Family Mutual Insurance.
In 2010, National Safety Council selected American Family Insurance as a recipient of its Teen Driving Safety Leadership Award. Through its “Teen Safe Driver Program,” the company has provided, a video feedback program (using the DriveCam system) in which parents can watch the actual driving actions of their teens. The program was validated by scientists at the University of Iowa to produce a 70% reduction in risky driving behavior. [11]
On March 4, 2003, American Family Insurance announced a $10 million gift launching the campaign to create the American Family Children’s Hospital[12] 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 2007. [13] [14] [15]
In 2007, and again in 2008, employees donated close to $1 million dollars to United Way.[16][17]