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Washington National Insurance Company history
Washington National Insurance Company company history timeline
WNIC entered the group accident and health insurance market, which comprised insurers writing accident and health insurance to groups of people sharing common characteristics, in 1930, when the company began writing loss of time insurance for teachers.
Founded in 1965, United Presidential Life Insurance Company initially sold whole life endowment policies, typically the most expensive type of life insurance sold, under which a policyholder receives the value of the policy if he or she survives the endowment period.
Assets in 1966 totaled $437 million, capital funds amounted to $101 million, and insurance in force equalled $3.2 billion, figures that had doubled during the previous decade.
For the customer and the salesperson this system of remuneration had its obvious advantages, but for the company itself the focus on volume rather than profitability sent its earnings into a tailspin and sent the company's management scurrying to correct the problem in 1970.
The company's annualized new premium leapt from $800,000 to three million dollars and Washington National's stake in the company increased as well, rising to 30.3 percent by 1984, when Washington National was given 25 percent representation on United Presidential Life's board.
Anchor Corporation's life insurance subsidiary, Anchor National Life Insurance Company, was sold eight years later, in 1986, but its divestiture and the sale of Anchor Corporation did not reflect Washington National's strategy to downsize.
After divesting some unprofitable businesses, Washington National recorded a ten percent increase in revenues in 1993, when the holding company collected $628.5 million.
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Washington National Insurance Company competitors
| Company name | Founded date | Revenue | Employee size | Job openings |
|---|---|---|---|---|
| Atlantic Casualty Insurance Co. | 1983 | $140.5M | 125 | 5 |
| First Family Insurance | 2004 | $23.0M | 3,000 | 17 |
| The Insurance House | 1936 | $119.4M | 200 | - |
| Integrity Insurance | 1933 | $37.7M | 50 | 21 |
| John Little – State Farm Agent | 1922 | $3.4M | 28 | 49 |
| Higginbotham | 1948 | $132.0M | 800 | 81 |
| National Business Association | 1982 | $999,999 | 50 | - |
| Cooper Insurance Agency | - | $670,000 | 50 | - |
| Johnson Insurance Group | - | $1.1M | 7 | 2 |
| Platinum Supplemental Insurance | 1995 | $310,000 | 7 | 506 |
Washington National Insurance Company history FAQs
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