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United States Fidelity and Guaranty Company history
United States Fidelity and Guaranty Company company history timeline
That business, during the waning years of the 19th century, consisted largely of fidelity bonds issued for bank employees, fiduciaries, and public officials, as well as contract performance bonds after 1898.
While Bland and other surety pioneers had convinced Americans of the need for corporate suretyship, the act of indemnifying employees did not catch on in Europe, and overseas operations were closed in 1903, as Canadian efforts were beginning.
Health insurance lines and a forgery bond were also introduced in 1910.
By 1919 casualty insurance premiums more than doubled total proceeds from all bonding lines.
In 1922 USF&G formed the affiliate Fidelity Insurance of Canada.
In 1927 the company reinsured and then absorbed the Atlantic Surety Company of Raleigh, North Carolina.
The company continued to meet its liability obligations, but by 1931, its surplus had dropped to $4.7 million, down from a solid $17 million just three years earlier.
Dividend payments were suspended in 1931, and the following year E. Asbury Davis became president.
During the next several years USF&G used the slogan “consult your insurance agent or broker as you would your doctor or lawyer.” The company recorded its first postcrash profit in 1935, and revenues continued to increase throughout the remainder of the decade.
Anticipating future corporate reorganization, the subsidiary Fidelity and Guaranty Insurance Underwriters was formed in 1951.
In 1959 William E. Pullen was named president, and the following year he replaced the 70-year-old Phillips as chairman.
In 1962 USF&G began steps to acquire the New York—based Merchants Fire Assurance Corporation and the Merchants Indemnity Corporation.
Despite the setbacks, sales were on the rise, and in 1965 the company announced that its five-year-old life insurance subsidiary had passed the $500 million premium mark.
Merchants Fire Assurance and Merchants Indemnity were purchased in 1965 and the following year merged into USF&G, adding both capital and business to USF&G operations.
By the time the relocation was completed in late 1974, several insurance companies were on the verge of bankruptcy.
In 1985 the wholly owned subsidiary USF&G Financial Services Corporation (FSC) was formed.
In 1986 USF&G erased its deficit and began looking for investment opportunities.
Some of USF&G’s more novel income-generating strategies drew fire from the Securities and Exchange Commission (SEC). In 1988 the company reached a resolution with the SEC regarding charges that it violated disclosure and accounting rules.
In December 1989 the Fidelity Insurance Company of Canada was sold for $68 million.
The $170 million offering included 50 different sets of bonds, mostly with maturities after the year 2000.
"USF&G Corporation ." International Directory of Company Histories. . Retrieved June 22, 2022 from Encyclopedia.com: https://www.encyclopedia.com/books/politics-and-business-magazines/usfg-corporation
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United States Fidelity and Guaranty Company competitors
| Company name | Founded date | Revenue | Employee size | Job openings |
|---|---|---|---|---|
| Hastings Mutual Insurance | 1885 | $406.0M | 450 | 2 |
| Sedgwick James Inc | 1858 | $11.5B | 52,306 | - |
| Ironshore Insurance | 2006 | $43.2B | 200 | - |
| R&R Insurance | 1975 | $27.0M | 350 | 15 |
| Bristol West Insurance Group | 1973 | $370.0M | 469 | - |
| The Ohio Casualty Insurance Company | 1919 | $1.5B | 2,114 | - |
| Atlantic Mutual Insurance Company | 1838 | $3.6M | 5 | - |
| Utica National Insurance Group | 1914 | $910.0M | 1,350 | 37 |
| Eastern Alliance Insurance Group | 1997 | $8.7M | 375 | - |
| Northland Insurance | - | $31.3M | 35 | - |
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