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Financial Services of America history
Financial Services of America company history timeline
Stock plunged from $41 to $6.38 a share; a loss of $198 million was recorded in 1984, leaving a net worth of $43 million to support the $400 million of premiums in force.
In mid-1984, about the same time MIC's flaws had surfaced, GAIC implemented significant price increases.
1984: AFC acquires a 49.9 percent interest in the MIC group.
In October 1985, the California Insurance Commissioner declared MIC insolvent and placed it under conservatorship.
By 1986, the property and casualty insurance industry had rebounded from its crisis era.
Great American Life Insurance Company's activity had by then become focused predominantly on individual tax-sheltered annuities, which accounted for almost all premium income in 1986.
In 1987, the National Check Cashers Association was established to represent the members of this growing industry.
Nearly all of the 1987 premiums of AFC's annuity and life insurance business were related to annuities, sold primarily to teachers.
American Financial's primary insurance business in 1990 was in multi-line property and casualty insurance, headed by its wholly-owned subsidiary, Great American Insurance Company.
The Formation of American Financial Group: 1995
1995: American Premier Underwriters merges with AFC, creating a new company entitled American Financial Group Inc.
Then, in 1997, AFG began a restructuring effort in order to cut back on expenses and merged with two of its subsidiaries, AFC and American Financial Enterprises Inc. It also began selling off unprofitable businesses and, in 1998, GAIC sold the majority of its Commercial Lines Division to Ohio Casualty Insurance Company.
To reflect the industry's growing and diversifying role, the organization voted to change the association's name to the Financial Service Centers of America (FiSCA), effective, January 1, 2000.
In February 2000, GALIC launched its long-term care insurance product line as part of AFG's strategy to build the Great American brand name.
Net earnings increased to $105.7 million and the firm reported a loss of $14.8 million--down from the $56 million loss reported in 2000.
2001: GAIC sells its Japanese division.
Starting in 2003, when our CEO, Richard James won the Ernst and Young Entrepreneur of the Year award, FSA has won
2007 marked the 20th Anniversary of FiSCA. To mark the occasion, FiSCA commissioned a commemorative video, which was shown at the 2007 Annual Conference & Exposition.
the Detroit Free Press' Top Workplaces in Michigan 11 times and, in 2015, was inducted into the Circle of Excellence Hall of Fame.
2017 marked the 30th Anniversary of FiSCA. To mark the occasion, FiSCA commissioned a commemorative video, which was shown at the 2017 Annual Conference & Exposition.
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Financial Services of America competitors
| Company name | Founded date | Revenue | Employee size | Job openings |
|---|---|---|---|---|
| Homewise | 1986 | $10.0M | 20 | 9 |
| Electronic Merchant Systems | 1988 | $12.0M | 200 | 26 |
| Choice Merchant Solutions | 2009 | $780,000 | 30 | - |
| National Merchants Association | 2004 | $861,590 | 72 | - |
| Business Brokerage Inc | - | - | - | - |
| The Salt Group | 1988 | $1.4M | 50 | 7 |
| Merchant Solutions International | 2007 | $510,000 | 5 | - |
| Future Payment Technologies | 2006 | $550,000 | 1 | - |
| Capital Bankcard | - | $8.5M | 150 | - |
| AppStar Financial | 2002 | $16.0M | 167 | - |
Financial Services of America history FAQs
Zippia gives an in-depth look into the details of Financial Services of America, including salaries, political affiliations, employee data, and more, in order to inform job seekers about Financial Services of America. The employee data is based on information from people who have self-reported their past or current employments at Financial Services of America. The data on this page is also based on data sources collected from public and open data sources on the Internet and other locations, as well as proprietary data we licensed from other companies. Sources of data may include, but are not limited to, the BLS, company filings, estimates based on those filings, H1B filings, and other public and private datasets. While we have made attempts to ensure that the information displayed are correct, Zippia is not responsible for any errors or omissions or for the results obtained from the use of this information. None of the information on this page has been provided or approved by Financial Services of America. The data presented on this page does not represent the view of Financial Services of America and its employees or that of Zippia.
Financial Services of America may also be known as or be related to FSA Advisors Inc, Financial Services Of America, Financial Services of America and Financial Services of America Inc.