American Family Insurance
 | |
| Mutual | |
| Industry | Insurance & Finance |
| Founded | 1927 |
| Headquarters | Madison, Wisconsin, USA |
Key people | Jack Salzwedel, Chairman and CEO[1] |
| Products | Auto, Home, Life, Health and Commercial Insurance |
| Revenue |
 $6.742 billion USD (2008)[2] |
|
$360.5 million USD (2012)[3] | |
| Slogan | All your protection under one roof |
| 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]
It should not be confused with American Family Home Insurance Company, a subsidiary of Munich Re subsidiary American Modern Insurance Group, Inc..
History
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.
Subsidiaries
Companies of the American Family Insurance Group include:[6]
- American Family Mutual Insurance Company (AFMIC)
- American Standard Insurance Company (ASIC)
- American Family Life Insurance Company (AFLIC)[7]
- American Family Brokerage, Inc. (AFBI)
- 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)[8]
- PGC Holdings Corporation (General Insurance Companies "The General®")[9]
Products
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[10]
Operating Territory
The American Family Insurance Group is based in Madison, Wisconsin, and in 2011 had regional offices in Eden Prairie, Minnesota, Saint Joseph, Missouri, Denver, Colorado and Columbus, Ohio among others. In October 2011 it announced that it was downsizing its claims regional and branch offices from twelve to four. Layoffs occurred at the remaining offices in 2012.[11]
Significant Milestones
Below is a list of milestones in the corporate history of American Family Mutual Insurance.
- 1927 Farmers Mutual Automobile Insurance Company was founded on Oct. 3 in Madison, Wis.
- 1938 Both premiums and assets surpassed $1 million.
- 1957 Farmers Mutual began to offer sickness and accident insurance.
- 1958 Company introduced homeowners insurance and opened American Family Life Insurance Company.
- 1959 Farmers Mutual entered the computer age with the RAMAC 305.
- 1961 American Standard began sales.
- 1962 Company began to offer farmowners insurance.
- 1963 Policyholders gave final approval to change the company's name to American Family Mutual Insurance Company.
- 1969 American Family Financial Services opened.
- 1975 Commercial Lines was introduced. American Family became the fifth-largest mutual auto insurer.
- 1981 Assets surpass $1 billion. American Family became the fourth-largest mutual auto insurance company.
- 1985 American Family Brokerage, Inc. opened.
- 1986 American Family posted its first $100 million operating gain.
- 1992 Policyholders' surplus exceeded $1 billion.
- 1994 American Family rolled out its catastrophe trailer. The company ranked as the 11th-largest property/casualty insurer.
- 1996 American Family first appeared on the Fortune 500 list at number 403.
- 1997 American Family became the 10th-largest property/casualty insurer in the nation. Assets surpassed $8 billion.
- 2001 American Family Securities, LLC introduced variable products. Assets for American Family Mutual Insurance Company exceeded $10 billion.
- 2001 Furthers expansion into Utah and Idaho. American Family in 17 states across the U.S.
- 2002 American Family celebrated its 75th anniversary.
- 2003 American Family donated $10,000,000.00 towards construction of the future UW Children's Hospital, to be named American Family Children's Hospital.
- 2006 Furthers expansion into Washington State. American Family in 18 states across the U.S.
- 2009 Furthers expansion into Georgia. American Family in 19 states across U.S.
- 2012 American Family Insurance completes its acquisition of The General Insurance
- 2013 American Family Insurance completes its acquisition of Homesite Insurance
Awards
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. [12]
Charitable contributions
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[13] 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. [14] [15] [16]
United Way
In 2007, and again in 2008, employees donated close to $1 million to United Way.[17][18]
References
- ↑ New CEO named for American Family
- ↑ 2.0 2.1 2008 Annual Report
- ↑ American Family income up in 2012 despite lots of catastrophe-linked claims
- ↑ American Family Insurance | Newsroom | 03/03/08 2008 Annual Report
- ↑ 5.0 5.1 Company - About Us - Company History
- ↑ http://www.amfam.com/default.asp
- ↑ Not to be confused with AFLAC, American Family Life Assurance company
- ↑ amfam.com
- ↑
- ↑ Insurance Products
- ↑ Our Company - Where We Are
- ↑ "Teen Driving Safety Leadership Award". National Safety Council. Retrieved 2011-08-06.
- ↑ 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 Retrieved 2007-09-19
- ↑ United way of the Ozarks Retrieved 2007-09-19 Archived November 18, 2007 at the Wayback Machine