American Standard Fund and its own subsidiaries–which to each other composed from the 30 % of providers 1993 operating earnings–render an array of consumer finance or any other borrowing from the bank-related products courtesy a nationwide system of just one,2 hundred part practices

Western General Enterprise (AG) is among the state’s prominent insurance rates and you will financial features groups, including about three organization locations–old age annuities, consumer funds, and insurance. AG’s advancing years annuity segment was depicted of the Varying Annuity Life Insurer (VALIC), and therefore focuses primarily on getting income tax-deferred retirement agreements for educators or other teams out of maybe not-for-funds groups and you will shared from the 25 percent of your company’s functioning money into the 1993. While it began with the eighties, American General created a track record for selecting most other insurance agencies–a practice unmatched in the market–and assimilating them profitably. This tactic away from progress compliment of purchase turned into a business hallmark, and you may AG’s possessions quadrupled from inside the mid-eighties.

The annals off AG , an indigenous away from Houston, Colorado, who established the John L. Wortham & Young buck Agency insurance provider with his father early in brand new 20th century. Gus try controlling the agencies when their father passed away into the 1924, and you can, next year, the guy shaped his own providers adopting the Commission regarding Is attractive of Tx ruled one unmarried insurance providers you are going to combine contours from company, allowing multiple-range underwriting regarding one another flames and you can casualty insurance rates. With the support many providers lovers and also the John L. Wortham & Child Service, Gus molded among the many nation’s first multiple-line insurers into erican General Insurer. Procedures began towards Summer 7, 1926.

With the help of Wortham’s experience and you may team intuition, AG generated an enthusiastic underwriting profit within the first 12 months from operation. The firm paid their very first bonus with the prominent stock throughout their 3rd year, soon before stock exchange crash off 1929. In spite of the results of the great Anxiety and numerous monetary downturns regarding the ensuing many years, dividends have been paid down annually, instead of reduction otherwise disruption, on 1990s.

AG, for instance the town of Houston as a whole, noticed tremendous gains through the 1930s. Their investment and you may surplus topped the latest $one million mark of the 1936; 3 years later on, the firm try authorized to perform within the nine says, plus Tx, and had property out of nearly $dos.dos billion. In the 1939, AG depending its basic part, The Western Standard Financing Corporation, which was their very first attempt past fire and casualty insurance. The American General Money Organization in the course of title loan Rhode Island time extended the new choices–funding to own trucks and you can home plans–becoming a main hook regarding the businesses mortgage and you will genuine property providers portion. During the 1945, AG made their very first acquisition, applying the development strategy for which it perform afterwards feel novel on the market. The newest acquired team, Seaboard Coverage Organization, is actually a successful Houston-based lifetime and you can health insurance company one to predated AG of the one year.

The life span insurance policies office includes Western Standard Existence and you may Crash; emphasizing the doorway-to-doorway marketing and you will solution out-of traditional life insurance policies products in the new home, which office taken into account throughout the 44 percent of organization’s working income in 1993

Inside 1953, AG hired Benjamin Letter. Woodson out of the National Association off Life Underwriters, in which he was handling movie director. At the AG, Woodson concerned about extension toward national business, having fun with his thorough team contacts to acquire and acquire other companies. Their importance inside the sixties is to the growing the lifetime and medical health insurance section. To your one stop, AG purchased life insurance coverage companies within the Nebraska, The state, Oklahoma, Pennsylvania, and Houston, and a fire and you may casualty business within the Marshall, Tx.

An effective milestone was hit inside 1964 when AG bought new Maryland Casualty Company, an effective Baltimore-created assets and you can responsibility company relationship to 1898. By this acquisition, enough time a goal of Gus Wortham, AG doubled its size and you may became a major property and you can casualty insurance carrier in every 50 United states plus in Canada. Additionally, structure regarding a special 24-facts AG headquarters building try began one to distance west of downtown Houston, into finance companies of Buffalo Bayou. This business went inside 1965, hence location includes thirty-six miles and you can five place of work structures from the 1990.