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The company was founded in 1838 as the Atlantic Insurance Company. [2] Originally a joint-stock company, [3] it became a mutual company on April 11, 1842. [3] [4] Its first chairman was Walter Restored Jones, a member of a prominent upper-class family of attorneys in New York City. [3] The Jones family ran the company for decades. [3] [4]
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Between 1870 and 1872, 33 US life insurance companies failed, in part fueled by bad practices and incidents such as the Great Chicago Fire of 1871. 3,800 property-liability and 2,270 life insurance companies were operating in the United States by 1989.
Company Country Total assets (US$ Billion) 1 Allianz Germany: 1,247.2 2 Berkshire Hathaway United States: 958.8 3 Prudential Financial United States: 937.6 4 Ping An Insurance China: 937.0 5 China Life Insurance China: 900.5 6 Axa France: 846.3 7 Legal & General United Kingdom: 786.1 8 MetLife United States: 759.7 9 Nippon Life Japan: 725.0 10
In 1999, the company acquired Texas-domiciled National Specialty Insurance Company (NSIC), an insurance company then licensed to write business in 21 states, and later expanded its licensing to 50 states and D.C. In 2006, the company formed Delaware-domiciled United Specialty Insurance Company (USIC) to write coverage on an excess and surplus ...
New Jersey’s dollar-a-day insurance, or the Special Automobile Insurance Policy (SAIP), is a state-run program that offers low-cost car insurance to New Jersey drivers who have Medicaid with ...
Followed the next year by the acquisition of The Worcester Insurance Company. These acquisitions set the stage for the company to expand to further territories. To fund this the company went public issuing 2,156,250 shares during its initial public offering. [citation needed] In 1987 they acquired Atlantic Insurance Company of Savannah.
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