| Type | Public (NASDAQ: ANAT) |
|---|---|
| Industry | Insurance Financial Services |
| Founded | 1905 |
| Headquarters | One Moody Plaza Galveston, Texas, U.S. |
| Key people | Robert L. Moody, Chairman & CEO |
| Products | Insurance Annuities mutual funds Financial Products |
| Revenue | US$2.95 Billion (FY 2009)[1] |
| Net income | US$15.6 Million (FY 2009)[1] |
| Total assets | US$20.1 Billion (FY 2009)[2] |
| Total equity | US$3.46 Billion (FY 2009)[2] |
| Employees | 3,094[3] |
| Website | www.anico.com |
American National Insurance Company (NASDAQ: ANAT) is a major American insurance corporation based in Galveston, Texas. The company and its subsidiaries operate in all 50 U.S. states, the District of Columbia, Puerto Rico, and American Samoa.[4]
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American National was founded in 1905 by Galveston businessman William Lewis Moody, Jr. Today the company offers a wide array of insurance products and services including life insurance, annuities, health insurance, property and casualty insurance, credit insurance, and pension plan services. Through its subsidiary, ANREM, the company founded and developed the large-scale housing development, South Shore Harbour, in League City, Texas.[5]
Although a publicly traded company, the majority of the stock continues to be controlled by the Moody family through the Moody Foundation and Libby Shearn Moody Trust, which are administered by the trust department of the family owned Moody National Bank.[6][7][8][9]
American National is subject to insurance regulation and examination by all 50 states as well as federal entities like the U.S. Securities and Exchange Commission (SEC) and Federal Trade Commission. In addition, its records are audited by KPMG as well as the major financial rating agencies. The ratings reflect the company’s capitalization, operating performance and liquidity. American National was listed in Forbes Magazine in its "100 Most Trustworthy Companies" list for 2009.
American National's earlier history involved some controversy. The company's early growth occurred largely during the open era of Galveston when organized crime bosses Sam and Rosario Maceo controlled much of the island. The Maceos are known to have had significant involvement with the company and, through their influence, the corporation had other questionable dealings with figures such as Cleveland mob boss Moe Dalitz and Teamsters boss Jimmy Hoffa.[13] In fact, one of the company's lawyers during this period, St. Louis attorney Morris Shenker, was described by the Federal Bureau of Investigation as the highest paid mob attorney in the nation. The company became heavily involved in financing the early development of Las Vegas, Nevada, lent millions to mob figures, and was the subject of an investigation by the U.S. government.[14] The investigation was ultimately dropped.