Category Archives: Insurance Companies

Erie Insurance Group: Top 15 Cool Facts

In today’s post, I am going to educate you about Erie Insurance Group. I want to share some really cool Erie Insurance Group facts I found online about the company that I know you will find interesting.

Depending on where you live, you may, or may not, have heard of Erie Insurance Group. Prior to researching this post, I was not familiar with the company myself. However, after doing some research online, I am more than impressed. I know you will be too!

Cool Facts About Erie Insurance Group

# 1 How Many States It Serves

Erie Insurance Group is more of a regional insurance company. It does not offer insurance in all states.

Serves 12 states— Illinois, Indiana, Kentucky, Maryland, New York, North Carolina, Ohio, Pennsylvania, Tennessee, Virginia, West Virginia, Wisconsin—and the District of Columbia.

Source: https://www.erieinsurance.com/news-room/fact-sheet

# 2 When Was it Founded?

This company is time-tested and has been around almost 100-years now.

Was founded in 1925 by H.O. Hirt and O.G. Crawford.

Source: https://www.erieinsurance.com/news-room/fact-sheet

# 3 How Many Policies Does It Have Issued?

Based off the current 2018 US population of about 327 million people, approximately 1 in 56 people have some type of insurance policy with the company.

Has more than 5.8 million policies in force for auto, home and business insurance.

Source: https://www.erieinsurance.com/news-room/fact-sheet

# 4 How Many Life Insurance Policies Are in Force?

Has more than 339,000 life, annuity and disability income policies in force.

Source: https://www.erieinsurance.com/news-room/fact-sheet

# 5 How Many Independent Insurance Agents Are There?

Works with more than 12,400 independent insurance agents.

Source: https://www.erieinsurance.com/news-room/fact-sheet

# 6 How Many Employees Are There?

Erie Insurance Group is a large employer. They create a ton of jobs, which is great for the economy.

Employs over 5,300 employees who work at the company’s Home Office in Erie, Pa., and in the field offices. The Home Office alone employs more than 3,000 people.

Source: https://www.erieinsurance.com/news-room/fact-sheet

# 7 How Does It Rank with Other Insurance Companies?

These rankings below are VERY impressive to me.

The 15th largest property/casualty insurance group based on policyholder surplus (Best’s Aggregates and Averages Property/Casualty 2018).

The 16th largest property/casualty insurer in the United States based on total lines net premiums written (Best’s Aggregates and Averages Property/Casualty 2018).

The 11th largest auto insurer and 9th largest home insurer in the country based on direct premiums written (Best’s Insurance Reports 2018).

The 12th largest business insurer in the country based on direct premiums written, commercial multi-peril writers (Best’s Insurance Reports 2018).

The 2nd largest auto insurer in Pennsylvania (A.M. Best).

Source: https://www.erieinsurance.com/news-room/fact-sheet

# 8 Fortune 500 Ranking

The Fortune 500 Ranking is a list of the 500 largest corporations in the United States, in terms of revenue.

In 2003, Erie Insurance made its debut on the Fortune 500 list. It currently ranks at number 378.

Source: https://en.wikipedia.org/wiki/Erie_Insurance_Group

# 9 Ranking as Life Insurance Company

As of 2016, there were more than 5,900 insurance companies in the USA.

Erie Family Life ranks as the 138th largest life insurance company based on admitted assets (Best’s Review 2017).

Erie Family Life is the 23rd largest life insurance company based on net premiums (Best’s Insurance Reports 2017).

Source: https://www.erieinsurance.com/news-room/fact-sheet

# 10 A.M. Best Ranking

ERIE’s property/casualty companies are rated A+ (Superior) by A.M. Best, a global credit rating agency with a unique focus on the insurance industry. Best’s Financial Strength Rating is an independent opinion of an insurer’s financial strength and ability to meet its ongoing insurance policy and contract obligations.

Source: https://www.erieinsurance.com/news-room/fact-sheet

# 11 The Achievement in Customer Excellence Award

In 2017, Erie Insurance earned the ACE (Achievement in Customer Excellence) Award in the Voice of the Customer category for claims service for the second consecutive year.

Source: https://en.wikipedia.org/wiki/Erie_Insurance_Group

# 12 Erie County

In 2018, Erie Insurance became Erie County, Pennsylvania’s largest employer with more than 2,800 employees locally.

Source: https://en.wikipedia.org/wiki/Erie_Insurance_Group

# 13 Corporate Equality Index

Erie Insurance received a perfect score of 100 percent on the 2017 Corporate Equality Index, a national benchmark on corporate policies and practices related to LGBT workplace equality.

Source: https://en.wikipedia.org/wiki/Erie_Insurance_Group

# 14 It’s Publicly Traded

Erie Insurance Group is a publicly traded company with a stock symbol of ERIE. When I looked on July 11, 2019, it was trading at $264.07.

*** Keep in mind this number constantly fluctuates, just like any other stock.

# 15 Annual Revenue & Profit

2018 revenue was $8,030.7 billion with a net profit of $686.3 million.

Source: https://fortune.com/fortune500/erie-insurance-group/

Final Thoughts

There you have it folks. These are 15 cool facts about the Erie Insurance Group. What is your favorite fact and why? Leave a comment below to let us know what you think. I look forward to hearing from you.

Liberty Mutual Insurance Company: 30 Cool Facts

In today’s post, I am going to share 30 cool facts about Liberty Mutual Insurance Company. Researching this post was very enlightening. I learned so many cool facts I never knew about the company. I hope you enjoy them as much as I did.

Liberty Mutual Insurance Cool Facts

Top 30 Cool Facts About Liberty Mutual Insurance

Listed below are 30 cool facts about Liberty Mutual Insurance Company. These facts are listed in no particular order. Please know that the source of each fact is properly cited.

# 1 Their Original Name

Liberty Mutual started in 1912 under the name “Massachusetts Employees’ Insurance Association” (MEIA). The name was changed in 1917 to the Liberty Mutual Insurance Company, and through partnerships with other companies, they started to sell full cover car policies.

Source: Wikipedia

 # 2 The First Branch

Liberty Mutual opened its first branch office in Springfield, Massachusetts in 1914, and issued its first auto policy the same year.

Source: Encyclopedia

# 3 Worker’s Compensation Insurance

In 1936, Liberty Mutual became the Number 1 writer of workers’ compensation insurance, and in 1937, the company expanded to all 48 states.

Source: Reference for Business

# 4 Prototype Cars

Liberty Mutual started the Research Center for Safety and Health in Hopkinton, Mass., in 1954. Two prototype “survival cars” introduced new safety features in 1957, including headrests to prevent whiplash and safety belts.

Source: Bad Faith Insurance Claims

# 5 Recognition from J.D. Power & Associates

Customer Service Excellence Awardee from J.D. Power and Associates, a global marketing information services company providing performance improvement, social media and customer satisfaction insights and solutions.

Source: J.D. Power

# 6 The Types of Insurance They Offer

The company offers a wide range of insurance products and services, including personal automobile, homeowners, workers’ compensation, commercial multiple peril, commercial automobile, general liability, global specialty, group disability, fire and surety.

Source: Wikipedia

# 7 Fortune 500

Liberty Mutual Insurance Group appears in the 2008 Fortune 500 company listing. Every year Fortune the American business magazine compiles, ranks and publishes a list of the top 500 U.S. public corporations based on their gross revenue. The Top Fortune 500 Company list provides Fortune magazine readers with facts and information about the top companies and their contributions to the American economy. Companies eligible for inclusion in the Top Fortune 500 Company list are  those incorporated in the United States and whose revenues are publicly available.

Source: makingafortune

Liberty Mutual employs over 50,000 people in 30 countries

# 8 Number of Employees

The company employs over 50,000 people in more than 900 locations throughout the world.

Source: Wikipedia

# 9 The Company Headquarters

The company’s home office is in Boston, Massachusetts.

Source: Wikipedia

# 10 Olympic Sponsorship

Liberty Mutual and the United States Olympic Committee (USOC) signed a sponsorship agreement in early 2013. The Fortune 100 Corporation became a domestic sponsor of the Team USA until 2016.

Source: Tanner Simkins

 # 11 Giving Back

Liberty Mutual established Liberty Mutual Foundation in 2003.

Source: Philanthropy Massachusetts

# 12 They Only Offer Insurance

They are one of the top ten insurance companies in the entire world. This is because they have a vast array of policy types available and good customer service. Their insurance plans include both commercial and personal options. Commercial options include small business owner policies, general liability, commercial auto, and equipment coverage. Personal options include home, auto, boat, life, identity theft, and even pet insurance.

Source: Wiki.ezvid.com

Liberty Mutual auto insurance includes accident forgiveness.

# 13 Accident Forgiveness

They will not raise your rates for your first accident, even if it is your fault. You can also choose to include new car replacement. If your car is less than a year old, they will replace it with a brand new car if yours is totaled in an accident. Other optional add-ons include medical costs for passengers, better car replacement, and rental car reimbursement.

Source: Wiki.ezvid.com

# 14 Specialty Insurance Plans

Identity theft protection can be included in a home insurance policy. It will protect you if you are the victim of fraud. Benefits include reimbursement for incurred expenses. This covers things like legal fees, lost wages, loan application fees, and other costs one may experience. They also offer identity restoration assistance.

Source: Wiki.ezvid.com

# 15 Business Policies

Agriculture, construction, healthcare, financial, food service, and sports and fitness are just a few examples. They offer policies for everything from small startups to family owned businesses to fortune 500 companies. Most business owners can request assistance from one of their risk control specialists. They can make practical suggestions to help businesses mitigate the risk of potential future problems.

Source: Wiki.ezvid.com

# 16 The Company’s Blog

The company has a really cool blog consumers can check out.

It also includes coverage calculators to help you get a quote on a personal insurance policy that fits your needs. They have a coverage calculator for auto, home, and renter’s insurance. The website makes it easy to find an insurance agent in your vicinity. However, consumers should be aware that there’s been some complaints of unsatisfactory settlements and claim payouts.

Source: Wiki.ezvid.com

# 17 They Own Some Local Insurance Companies

Liberty Mutual Group owns, wholly or in part, local insurance companies in Argentina, Brazil, Chile, China (including Hong Kong), Colombia, Ecuador, India, Ireland, Malaysia, Poland, Portugal, Russia, Singapore, Spain, Thailand, Turkey, the United Kingdom, Venezuela and Vietnam.

Source: Wikipedia

# 18 The Company’s Slogan

“Responsibility. What’s your policy?”

Source: makingafortune

# 19 Mission & Vision Statement

“Helping people live safer, more secure lives.”

Source: makingafortune

In 2018 Liberty Mutual earned premiums worth approximately 37.91

# 20 They hold an “A”(Excellent) rating from A.M. Best

A rank of “A”(Excellent) from A.M. Best, the world’s oldest and most authoritative insurance rating and information source.

Source: AM Best

# 21 Top Ten Largest Auto Insurance Companies of 2019

Liberty Mutual’s auto insurance customers can add coverage for antique or classic cars, all-terrain and off-road vehicles, recreational vehicles and trailers. Liberty Mutual also sells a wide range of other coverage, including policies for homeowners and renters.

Source: nerdwallet

# 22 Funny Mascots

Humor and fictional personalities are both firsts for the insurance company.

Source: campaign

# 23 Liberty Mutual’s Global Presence

Liberty Mutual operates in 30 countries and economies around the globe

Source: AP News

# 24 Total Investments in 2019

Total invested assets as of March 31, 2019 are $78.2 Billion

Source: libertymutualgroup

# 25 Best Employers for Women

Liberty Mutual Insurance Named one of the Best Employers for Women in 2018 by Forbes Magazine.

Source: MarketWatch

# 26 Liberty Mutual Benefits

There are many benefits with Liberty Mutual Insurance most of them revolve around the accident and what benefits you would reap. This is so during the claims process you incurred the least amount of expenses on your end.

Source: The Insurance Hackers

 # 27 Discounts

Liberty Mutual gives newly retired drivers a discount, and Farmers offers policyholders in Arizona a break on their auto premiums if they’re 55 or older and live in a retirement community.

Source: MoneyWise

# 28 Insurance Bundles

Liberty Mutual really does put all their information upfront, to help you do everything you need with as much ease as possible.

Source: money under 30

# 29 MasterThis Platform

Liberty Mutual Insurance teamed up with HowStuffWorks®, an award-winning source of unbiased, reliable, easy-to-understand answers and explanations, to develop a new go-to online platform, MasterThisTM. The site features exclusive content by HowStuffWorks and helps home and auto owners address immediate needs by providing the tools and know-how to fully master a topic so they can tackle those challenges with greater confidence.

Source: PR Newswire

# 30 A Great Employer for Millennials

LMI is the fourth largest employer in the financial and insurance sector, regularly hiring close to 500 interns each semester — 100 percent of which are paid internships — and offering full-time job offers to 60 percent of those interns

Source: Bentley University

Final Thoughts

There you have it folks. These are 30 cool facts about Liberty Mutual Insurance Company. Which one of these facts is your favorite and why? Leave a comment below to let me know what you think. I look forward to hearing from you.

Mutual of Omaha Insurance Company: Cool Facts & History

In today’s post, I am going to share some really cool facts about Mutual of Omaha Insurance Company. These are things I found online about the company (sources are cited). Enjoy the post and be sure to leave a comment below to share your thoughts.

Top 21 Cool Facts About Mutual of Omaha Insurance Company

Mutual of Omaha Insurance Company: Top 21 Cool Facts

# 1 It was formerly known as Mutual Benefit Health & Accident Association.

Mutual of Omaha was first known as Mutual Benefit Health & Accident Association and in 1950 it changed its name to Mutual of Omaha Insurance Company.

Source: Wikipedia

Mutual of Omaha has stood the test of time.

# 2 It has been in business more than 100-years!

Mutual of Omaha has been in the business of offering insurance and financial products for over 100 years. Mutual of Omaha was founded in 1909 by a medical student at Omaha’s Creighton University and his wife, Dr. C.C. and Mabel Criss.

Source: Good Financial Cents

# 3 The company is headquartered in Nebraska and operates in 44 states.

Mutual of Omaha’s home office remains in Omaha, Nebraska with satellite offices in most states.

Source: nerdwallet

# 4 Mutual of Omaha’s Wild Kingdom premiered on network television. 

In 1963, the company became famous for its wildlife and reality programming – the “Mutual of Omaha’s Wild Kingdom” show that featured Marlin Perkins. The program ran until 1988. The program won Emmy Awards from 1966 to 1969 for “outstanding program achievement.”

Source: Omaha World Herald

# 5 The company provides some of the simplest and easiest term-life insurance coverage you can find.

They sell Priority Income Protection plan. This policy is their simplified version of disability insurance coverage. This policy will still give you disability coverage, but it’s much easier to apply for and be accepted for protection. You can get monthly benefits up to $4,000 (or up to 70% of your income) and you can receive benefits anywhere from 12 months to 36 months.

What makes this policy so special is the ability to skip the medical exam and get protection in a matter of days. Just like with their other policy, you can still purchase additional riders to increase your coverage.

Source: Good Financial Cents

# 6 One of the first companies to provide disability insurance to non-professional workers.

I find this fact very interesting myself. They definitely paved the way for blue collar and non-professional employees (and entrepreneurs) looking for disability insurance.

# 7 Mutual of Omaha offers Medicare supplement plans nationwide except in Massachusetts.

Supplemental insurance is extra or additional insurance that you can purchase to help you pay for services and out-of-pocket expenses that your regular insurance does not cover. Some supplemental insurance plans will pay for out-of-pocket medical expenses, such as deductibles, copayments, and coinsurance.

Source: VeryWellHealth.com

# 8 Mutual’s Residential Damage Rider waives your monthly premiums for six months if your residence suffers $25,000 or more worth in damages.

A rider on a homeowner’s insurance policy can provide additional coverage for valuable things you own that are worth more than the per-item limit of your homeowner’s or renter’s insurance policy.

First accident and health company to use a computer system.

# 9 First accident and health company to use a computer system.

While some insurance companies were slow to use computers, Mutual of Omaha embraced technology and was the first accident and health company to do so.

# 10 Mutual of Omaha is one of the very few insurance companies that offers an online application for Medicare Supplement insurance policies.

The company’s website allows its visitors to easily obtain quotes for both whole life and term insurance coverage. And, the prices for all lines of the company’s life insurance are quite competitive.

Source: Omaha World Herald

# 11 By obtaining quotes from only one insurer, you can essentially lock yourself into just one premium price.

Mutual of Omaha offers a wide variety of insurance and financial products for both consumers and business customers. These include Medicare Supplement, life insurance, long-term care, disability insurance, critical illness coverage, annuities, structured settlements, cancer, heart attack and stroke insurance, small business solutions, and investments.

Source: Omaha World Herald

The company believes in giving back to the community.

# 12 The company believes in giving back to the community.

In 2005, Mutual of Omaha established the Mutual of Omaha Foundation. In the same year, the company also sponsored Indy Car racing.

Source: HeartLifeInsurance.com

# 13 Mutual of Omaha opened its doors to banking.

In 2007, Omaha Financial Holdings, Inc. was created as the parent company of Mutual of Omaha’s banking initiatives.

Source: Wikipedia

# 14 The company employs over 5,000 people.

The company and its affiliates have more than 5,000 employees plus a network of sales advisors.

Source: Wikipedia

# 15 In 2014, they had a $17.6 billion policy reserve which is set aside to pay future claims.

This puts me at ease knowing the company has a large reserve for when things go wrong.

Mutual Of Omaha has one of the best online portals.

# 16 Mutual Of Omaha has one of the best online portals. 

Once policy is issued you can register for an account online. Clients find this extremely easy to use. Among other things, you will have the ability to view explanation of benefits (EOB) online was your claims are processed. This can save you a lot of time, you won’t have to wait on hold with customer service just to order a new ID card or to pay a bill.

Source: blue wave insurance services

# 17 It is a Fortune 500 company for 23-years and counting.

Mutual of Omaha made its debut in 1995, dropped off in 2006 and 2007, but is solidly on the list since.

Source: Omaha World Herald

# 18 They hold an A+ rating from A.M. Best

A rank of A+ from A.M. Best, a well-known credit rating agency, is one of the highest positions for an insurance company to hold in terms of financial strength.

Source: True Blue Life Insurance

# 19 In 2018, the company ranked # 5 overall out of 23 insurers for overall customer satisfaction.

In a life insurance study by J.D. Power published in 2018, Mutual of Omaha scored “better than most” companies for overall customer satisfaction. The company ranked No. 5 overall out of 23 insurers included in the survey.

Source: nerdwallet

# 20 Mutual of Omaha has a customer base of 3.8 million individual policyholders and 9 million members that are part of employer groups. 

Considering there are only about 350 million Americans, this means that nearly 1 in 30 Americans has an insurance policy of some type with Mutual of Omaha.

# 21 Mutual holds over 40 Billion in assets with a reported net income of almost 300 million in 2018. 

From a financial standpoint, Mutual of Omaha is considered to be extremely strong. This means that policy holders can know that the company will be there when they need them to pay on when they have a claim.

Source: Wikipedia

Final Thoughts

There you have it folks. These are 21 interesting facts about Mutual of Omaha Insurance Company. Which fact did you find the most interesting? Leave a comment below to let us know what you think.

If you’d like to visit the company’s website, you can do so here.

Suggested Reading

  1. List of Bankrupt Insurance Companies
  2. The Future of SIU
  3. Weird Things You Can Insure

 

 

List of Out of Business, Defunct & Bankrupt Insurance Companies

In today’s post, I am going to share a list of out of business, defunct and bankrupt insurance companies. This list comes from independent research online. All sources are cited.

Like any other industry, not all insurance companies stay in business. There is a fairly small failure rate in the insurance industry compared to other industries, mostly because these companies are HUGE. Let’s face it, you don’t see many small “mom and pop” insurance companies.

Although the insurance industry is highly regulated, and well funded, some insurance companies do fail. Some of the companies on this list were BILLION DOLLAR companies at one point in time.

In the list below, we will cover the following things about these bankrupt insurance companies:

  • When the company was founded
  • When it went out of business
  • A brief history
  • And if available, what caused it to fail

bankrupt insurance companies

List of Out of Business, Defunct & Bankrupt Insurance Companies

# 1 Penn Treaty Network America Insurance Company 

(Created: 1975; Liquidation Date: March 1, 2017)

Penn Treaty and American Network have about 76,000 policyholders nationwide, with 9,000 in Pennsylvania. The Wall Street Journal recently described Penn Treaty’s expected demise as “one of the nation’s costliest insurance failures ever” in the life-health category. The company has $500 million in assets to cover long-term care claims projected to be $4.6 billion, according to Insurance Commission spokesman Ron Ruman.

Source: The Morning Call

# 2 American Medical and Life Insurance Company

(Created: 1964; Liquidation Date: December 28, 2016)

American Medical and Life Insurance Company (AMLICO) was a New York domiciled company licensed in 41 states. AMLICO wrote both individual (limited benefit medical, ordinary life and short term disability) and group business (dental, life, accident and sickness and vision).

The company experienced losses in 2013 and soon after began winding down business. A liquidation petition was filed on November 16, 2016 and was approved on December 28, 2016.

Source: National Organization of Life & Health Insurance Guaranty Associations

# 3 CoOportunity Health

(Created: 2012; Liquidation Date: February 28, 2015)

West Des Moines-based CoOpportunity was created in 2012 with $145 million in federal loans and garnered 120,000 individual and group members in 2014’s open enrollment. The dynamics of loans, premium revenue, membership health and changing regulations, though, put the insurer on a path towards insolvency.

Source: HealthCareFinance

# 4 Executive Life Insurance Company of New York

(Created: 1964 ; Liquidation Date: August 08, 2013)

On April 19, 2012, the Supreme Court of the State of New York, Nassau County Receivership Court entered an Order finding Executive Life Insurance Company of New York (ELNY) to be insolvent and approved a Restructuring Agreement in connection with the liquidation and restructuring of ELNY.  By Order of the Receivership Court, the Superintendent of Financial Services of the State of New York, as Receiver, was directed to liquidate ELNY’s business and affairs in accordance with New York Insurance Law and in substantially the manner provided in the Restructuring Agreement.  The Liquidation Date of ELNY was the closing date of the Restructuring Agreement, which occurred on August 8, 2013.

Source: New York Liquidation Bureau

# 5 Lumbermens Mutual Casualty Company

(Created: 1912 ; Liquidation Date: May 10, 2013)

Lumbermens Mutual Casualty Company engages in property and casualty insurance business. The company was founded in 1912 and is based in Lake Zurich, Illinois. Lumbermens Mutual Casualty Company operates as a subsidiary of Lumbermens Mutual Group. As of May 10, 2013, Lumbermens Mutual Casualty Company is in liquidation.

Source: Bloomberg

Medical debts are the number-one cause of bankruptcy in America

# 6 Universal Health Care Insurance Company, Inc.

(Created: 2006 ; Liquidation Date: April 01, 2013)

Universal Health Care Insurance Company, Inc. went out of business. Universal Health Care Insurance Company, Inc. offers insurance services. Its products include Medicare plans. The company was incorporated in 2006 and is based in St. Petersburg, Florida. Universal Health Care Insurance Company, Inc. is a former subsidiary of Universal Health Care Group, Inc.

Source: Bloomberg

# 7 Standard Life Insurance Company of Indiana

(Created: 1934; Liquidation Date: July 26, 2012)

Standard Life Insurance Company of Indiana was incorporated in Indiana on July 3, 1934, and was acquired by Capital Assurance Company (CAC) on June 8, 2005. Under CAC ownership, Standard Life’s product offerings shifted from annuities with life contingencies to annuities without life contingencies, also known as deposit-type contracts. When the company was placed into rehabilitation on December 18, 2008, Standard Life was licensed in all states (except New Jersey and New York) and in the District of Columbia. Standard Life wrote business primarily in California, Florida, Michigan, Indiana, and Ohio.

Source: National Organization of Life & Health Insurance Guaranty Associations

# 8 Golden State Mutual Life Insurance Company

(Created: 1925; Liquidation Date: January 28, 2011)

The Golden State Mutual Life Insurance Company was founded in 1925 by three African-American businessmen. Serving African-Americans who had been denied coverage by insurance companies because of racial discrimination, the company opened in a storefront in South Los Angeles and later built its own headquarters on Central Avenue (Historic-Cultural Monument #580; 1929). The company quickly grew to become the largest black-owned business west of the Mississippi River and in 1948 commissioned the construction of a new home office on Adams Boulevard. The building served as the headquarters for the company for over 60 years.

In 2009, state insurance regulators seized control of Golden State Mutual Life Insurance Company after convincing a Los Angeles County Superior Court judge that the insurer’s reserves had run dangerously low. By law, the state insurance commissioner has the power to reorganize and revitalize the company –much as with a bankruptcy for corporations – or he or she can liquidate it.

Source: BernardParks.com

# 9 National States Insurance Company

(Created: 1964; Liquidation Date: November 15, 2010)

National States Insurance Company was licensed in 37 states as a life, accident, and health insurer. The company was domiciled in Missouri and was incorporated in 1964 as American Independence Life Insurance Company. It was renamed and reorganized in 1967 as National States Insurance Company.

National States’ total capital and surplus slowly declined after year-end 1996. By year-end 2008, the decline became more significant. The company was put in Rehabilitation on April 1, 2010.

Source: Society of Actuaries

# 10 American International Group, Inc. (AIG)

(Created: 1919; Liquidation Date: late 2008)

AIG was a central player in the financial crisis of 2008. It was bailed out by the federal government for $180 billion, and the government took control. The Financial Crisis Inquiry Commission (FCIC) of the US government concluded AIG failed primarily because it sold massive amounts of insurance without hedging its investment. Its enormous sales of credit default swaps were “made without putting up initial collateral, setting aside capital reserves, or hedging its exposure—a profound failure in corporate governance, particularly its risk-management practices”. The US government sold off its shares after the crisis and completed the process in 2012.

Source: Wikipedia

# 11 Legion Insurance Company

(Created: 1964; Liquidation Date: July 28, 2003)

Legion Insurance Company primarily engaged in property and casualty insurance, with health insurance representing a small proportion of their total business. Legion belonged to a family of companies under Mutual Risk Management (MRM), a Bermuda-based holding company. In April 2002, the Pennsylvania Department of Insurance placed Legion into rehabilitation. The company was placed into liquidation in July 2003. All health policies were cancelled where applicable and guaranty associations paid off all outstanding covered obligations.

 Source: National Organization of Life & Health Insurance Guaranty Associations

bankrupt insurance companies

# 12 Conseco

(Created: 1979; Liquidation Date: December 2002)

Conseco, which grew from a small company set up in 1979 to become one of the largest U.S. home lenders and personal insurers by the late 1990s, collapsed under the weight of debts caused by ambitious expansion and mounting bad loans. Conseco’s filing, made in bankruptcy court in Chicago, is the third largest in the U.S. ever, after WorldCom Inc. and Enron Corp. Conseco listed $52.3 billion of assets and $51.2 billion of debts in its latest financial report.

 Source: Fox News

# 13 PHICO Insurance Company

(Created: 1978; Liquidation Date: February 1, 2002)

PHICO’s primary business was writing medical malpractice insurance for health systems, hospitals and physicians. In addition, PHICO wrote workers’ compensation. The last financial report indicated the company’s capital and surplus was approximately $250 million in the negative.

Source: Insurance Journal

# 14 Reliance Insurance Company

(Created: 1817; Liquidation Date: October 3, 2001)

Reliance Group Holdings (RGH), the parent company of Reliance Insurance Company (RIC), one of America’s oldest insurers which traces its roots back to 1817, filed for bankruptcy protection in the Southern District of New York on June 12, 2001. The petition listed total assets of $12.598 billion and total liabilities of $12.877 billion.

As of 1998 the company was still profitable, earning $326 million on gross revenues of $3.4 billion. Aggressive acquisition strategy and quest for ever higher dividend payments, however, left RIC vulnerable in the cutthroat competition for market share, which led to a deterioration in underwriting standards that eventually resulted in the unsustainable losses.

Source: Insurance Journal

Lehman Brothers Holdings, Inc. was the largest bankruptcy in America

# 15 Mission Insurance Company

(Created: Unknown; Liquidation Date: February 24, 1987)

Mission Insurance Group, the holding company for the Mission Insurance Company, the Mission American Insurance Company and other units, agreed to an involuntary petition that places it in bankruptcy proceedings and protects it from creditors as it attempts to restructure its debt.

Mission Insurance Group is controlled by the Cincinnati-based financier Carl H. Lindner through the American Financial Corporation, which holds 49.9 percent of Mission’s stock. In the petition, regulators said the company had assets of $164.7 million and liabilities of $612.8 million, or a negative net worth of $448.1 million.

Source: The New York Times

Final Thoughts

There you have it folks. This is our list of the out of business, defunct and bankrupt insurance companies. What are your thoughts? Can you think of any other bankrupt insurance companies we might have missed? Leave a comment below to share your thoughts. I look forward to hearing from you.

Suggested Reading

20 Popular Long-Term Disability Insurance Companies

Today, we are going to share 20 popular long-term disability insurance companies. We are not affiliated with any of these companies, nor are we endorsing them. To stay neutral, we are listing them in alphabetical order. This article is for educational purposes only.

What is Long-Term Disability Insurance?

I figured the best way to start this post is to explain what long-term disability insurance is. Here’s a great definition I found online.

Longterm disability insurance (LTD) is an insurance policy that protects an employee from loss of income in the event that he or she is unable to work due to illness, injury, or accident for a long period of time.

Source: The Balance Careers

Why should you buy it? Because you need an income to live! There are so many things in life that our out of control. If you get sick or disabled and lose your income, it could force you into bankruptcy or homelessness. You don’t want that to happen.

20 Popular Long-term Disability Insurance Companies

Top 20 Long-Term Disability Insurance Companies

With that being said, here is our list of 20 popular long-term disability insurance companies. They are in alphabetical order.

# 1 AllState

The Allstate Corporation is one of the largest insurance providers in the United States and one of the largest that is publicly held. The company also has personal lines insurance operations in Canada. Allstate was founded in 1931 as part of Sears, Roebuck and Co., and was spun off in 1993. The company has had its headquarters in Northfield Township, Illinois, near Northbrook since 1967. Allstate ranked No. 79 in the 2018 Fortune 500 list of the largest United States corporations by total revenue. Its current advertising campaign, in use since 2004, asks, “Are you in good hands?”

Source: Wikipedia

# 2 American Fidelity

American Fidelity Assurance Company is an Oklahoma-based supplemental health insurance and financial services company, specializing in multiple industries, including education and healthcare. It offers group short and long-term disability plans, as well as a $50,000 Accidental Death and Dismemberment benefit. Founded in 1960, the company has 1,600 employees.

Source: consumersadvocate

# 3 Ameritas

Ameritas was originally established in 1887 under a different name, the Old Line Bankers Life Company of Nebraska. They merged with Acacia Life and Union Central Mutual Holding Company of Cincinnati, Ohio. After the two mergers, the company became known as Ameritas.

Source: Good Financial Cents

# 4 Assurity

Assurity follows their motto of helping people through difficult times every day. Founded in 1890, they are a mutual company offering a wide variety of insurance products. Being a mutual Assurity company (like Guardian or MassMutual) means Assurity is owned by their policyholders, so corporate goals and strategies should benefit those policy owners.

Source: High Income Protection

# 5 Guardian Life

Guardian Life Insurance has been around for a long time—150 years! For a life insurance company—or any company—to be in business for that long says a lot. Guardian has made a name for themselves as a trustworthy mutual life insurance company with solid financial strength.

Source: TermLife2Go

# 6 Illinois Mutual

Over the past 100 years, they’ve experienced a lot of growth. They’ve grown from the small Illinois insurance company they started as, into a company with over 1,000 independent agents.

They had over $1,000,000,000 in total assets in 2016. One thing to be aware of is the states Illinois Mutual can service.

Source: Good Financial Cents

# 7 MassMutual

Massachusetts Mutual Life Insurance Company, better known as MassMutual, is one of the oldest insurance companies in the United States. George W. Rice founded the company in 1851 as a mutual company, or one that is owned by its policyholders. From its early beginnings, Massachusetts Mutual Life Insurance Company has grown to become a financial giant serving over 13 million clients worldwide.

Source: the balance

# 8 MetLife

MetLife, Inc. (MetLife), incorporated on August 10, 1999, is a provider of life insurance, annuities, employee benefits and asset management. The Company’s segments include U.S.; Asia; Latin America; Europe, the Middle East and Africa (EMEA); MetLife Holdings, and Corporate & Other.

Source: Reuters

# 9 Mutual of Omaha

Mutual of Omaha is considered to be one of the most financially sound insurance companies in the United States. As of year-end 2016, the company reported a pre-tax operating income of more than $526 million, on revenues of nearly $8 billion. Both of these figures represent an increase over its 2015 results. The company also reported an after-tax consolidated net income of more than $356.5 million, as compared with $333 million in 2015.

Source: InsuranceScored.com

Only 33% of private sector workers have access to long-term disability benefits through their employer, and 40% have access to short-term disability benefits.

# 10 Northwestern Mutual

Northwestern Mutual offers life insurance, long-term care insurance, disability insurance, annuities, mutual funds, and employee benefit services.

Northwestern Mutual’s headquarters is in Milwaukee, Wisconsin. Northwestern Mutual has a revenue of $28.1B, and 5,800 employees. Northwestern Mutual’s latest funding round was a Investment Fund for $150M on May 2019.

Source: Owler

# 11 Ohio National

Founded in 1909, Ohio National Life Insurance Company is a mutual insurance holding company headquartered in Cincinnati, Ohio. The company has nearly $42 billion in assets under management, and employs more than 1,300 associates at its headquarters.

Source: Simple Life Insure

# 12 Petersen International Underwriters (PIU)

Petersen International Underwriting will cover risks that traditional life insurance companies either will not or cannot insure. That being said, you will receive a more favorable rate if you can ultimately place a policy with a traditional life insurance company.

Source: Good Life Protection

# 13 Principal Financial Group

Principal Financial Group, Inc (Principal) is an financial institution incorporated in 1879, whose controlling shareholder is the American investment fund The Vanguard Group Inc (10.73%). The company offers pension instruments, insurance and asset management throughout 18 countries. It has its headquarters in Des Moines (Iowa, USA) and regional offices in Mexico, Chile and Sao Paulo.

Source: bnamericas

# 14 Prudential

Prudential Financial, Inc. is an American Fortune Global 500 and Fortune 500 company whose subsidiaries provide insurance, investment management, and other financial products and services to both retail and institutional customers throughout the United States and in over 40 other countries.

Prudential Financial is the largest insurance company in the United States, with total assets amounting to approximately 1.456 trillion U.S. dollars.

Source: Wikipedia

# 15 RiverSource

Riversource has been in business since 1894 and has an “A+” financial stability rating from A.M. Best. Two income protection plans are available through RiverSource, Income Protection and Income Protection Plus. Both plans offer an income tax-free monthly benefit. Coverage is guaranteed up to age 65. A cost of living rider adds coverage to help protect you against cost-of-living increases.

Source: the balance

# 16 Sunlife Financial

Sun Life Financial, Inc. is a diversified financial services company. It provides life and health insurance, savings, investment management, retirement and pension products and services to both individual and corporate customers. The company was founded by Mathew Hamilton Gault on March 18, 1865 and is headquartered in Toronto, Canada.

Source: CompaniesHistory.com

# 17 The Hartford

Founded in 1810, The Hartford Financial Services Group, Inc. (NYSE: HIG) is one of the largest investment and insurance companies based in the United States, with offices in Japan, Brazil, Ireland, England, and the United States. With nearly 30,000 employees and $2.1 billion in income in 2004, The Hartford was ranked 88th on the 2005 Fortune 100 list.

Source: Advantage Group LLC

# 18 The Standard

The Standard is in fact a group of companies based in the United States. It carries under its name the Standard Insurance Company of Portland, Oregon, as well as Standard Life Insurance Company of New York, based in White Plains, New York. The former is active and has license to operate in all the states of America except New York, which is covered by the latter.

Source: Great Life Insurance Group

# 19 Thrivent

Back in 1902, a company named Aid Association for Lutherans (AAL), a fraternal benefit society, launched in Wisconsin. Around fifteen years later, Lutheran Brotherhood (LB) formed in Minnesota. For a long time, the two operated separately but with very similar goals. In 2001, after years of conversation and praising the services of one another, the two insurers combined and became Thrivent Financial for Lutherans. Currently ranked #316 on the 2017 Fortune 500, this non-profit company helps to support families in numerous ways (including their many life insurance products).

Source: TermLife2Go

# 20 Unum

The company claims to provide insurance protection plans to more than 80,000 employers worldwide, including 32% of Fortune 500 companies. It’s been in business for decades, has high financial ratings across the board, and has made Fortune’s most trustworthy and reputable companies’ lists. It offers some riders with its group LTD policy, giving some flexibility and choice to employees. Unlike some of its competitors, it doesn’t offer individual plans, which limit its services to consumers.

Source: consumersadvocate.org

90% of long-term disability claims are not caused by accidents, but rather illnesses

Suggestions & Tips

When you are shopping for long-term disability insurance, here are a few suggestions and considerations.

  1. Ask your HR Department if this is provided by your employer and if not, what do they suggest.
  2. Talk with your current insurance company or insurance agent and see if they provide it. It would also be wise to talk with your CPA and/or attorney.
  3. Educate yourself and determine what you need and how much you need.
  4. Get quotes from at least three different insurance companies. Make sure the quotes are for comparable benefits, so you are comparing apples to apples.

Final Thoughts

There you have it folks. These are 20 popular long-term disability insurance companies. What are your thoughts? Do you agree or disagree with our list? Leave a comment below to share your thoughts.

Once again, we are not endorsing any of these companies, nor are we affiliated with them.

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