Western Standard Fund and its own subsidiaries--which to one another made-up on 31 per cent of your own providers 1993 working earnings--render many user financing or any other borrowing-associated services and products compliment of a national network of 1,200 part workplaces
Western Standard Firm (AG) is one of the country's prominent insurance coverage and you may financial attributes teams, comprising about three business markets--senior years annuities, consumer money, important source and you can term life insurance. AG's old age annuity portion is actually represented from the Changeable Annuity Lives Insurance provider (VALIC), and therefore focuses primarily on taking income tax-deferred retirement arrangements to own instructors or other personnel off perhaps not-for-earnings communities and you can provided about 25 % of one's organizations performing money into the 1993. Beginning in the fresh new eighties, Western Standard create a credibility for buying almost every other insurers--a practice unmatched in the industry--and assimilating all of them productively. This strategy off development thanks to order turned into a business hallmark, and you can AG's property quadrupled during the mid-eighties.
The real history out of AG , a native away from Houston, Colorado, whom based the fresh John L. Wortham & Young buck Department insurance provider with his dad at the beginning of brand new twentieth century. Gus was controlling the agencies whenever his dad died inside the 1924, and you may, next season, the guy formed his very own providers following the Commission regarding Appeals out of Colorado influenced one solitary insurance vendors could blend outlines away from organization, enabling multi-line underwriting out of each other flame and you can casualty insurance policies. With the backing of several team couples additionally the John L. Wortham & Young man Department, Gus molded one of many nation's very first multiple-line insurance providers toward erican General Insurance company. Surgery first started towards the June eight, 1926.
By using Wortham's sense and you may organization instincts, AG acquired an enthusiastic underwriting finances within the first 12 months of operation. The organization paid back the basic bonus on common stock throughout the third season, eventually through to the stock exchange freeze out of 1929. Despite the results of the nice Despair and various monetary downturns about resulting many years, returns was indeed reduced from year to year, instead of reduction otherwise disruption, into 1990s.
AG, such as the city of Houston generally, saw tremendous progress from the 1930s. Their financial support and you can extra topped brand new $1 million draw by 1936; 3 years after, the firm are registered to operate in the nine states, as well as Tx, together with possessions off nearly $2.2 billion. When you look at the 1939, AG oriented the basic subsidiary, Brand new American Standard Financial support Corporation, which had been their basic attempt beyond fire and you can casualty insurance policies. New Western Standard Capital Corporation sooner or later offered its unique products--financing for automobiles and you can home projects--to be a main hook from the organization's financial and actual house providers phase. In 1945, AG made the earliest buy, using the organization strategy for it would later on getting book in the business. Brand new acquired company, Seaboard Term life insurance Team, try a successful Houston-centered existence and you will health insurance provider that predated AG of the one year.
The life span insurance coverage department comes with American General Lives and you may Accident; concentrating on the entranceway-to-home profit and services out of antique term life insurance items in new family, which department taken into account regarding the forty-two percent of your own corporation's doing work income into the 1993
Into the 1953, AG leased Benjamin N. Woodson out of the Federal Connection regarding Lifestyle Underwriters, where he was handling movie director. At the AG, Woodson focused on expansion into the federal business, using his detailed business connectivity locate to get other companies. Their focus from inside the 1960s is to the increasing the life and you may medical insurance phase. On one avoid, AG bought insurance companies in the Nebraska, The state, Oklahoma, Pennsylvania, and Houston, plus a fire and you can casualty organization inside Marshall, Tx.
A great milestone is actually achieved from inside the 1964 when AG purchased brand new Maryland Casualty Team, a good Baltimore-mainly based possessions and responsibility organization dating in order to 1898. By this buy, enough time an intention of Gus Wortham, AG twofold their dimensions and you may became a major assets and you will casualty insurance company in every 50 You and also in Canada. Also, structure off a unique 24-tale AG headquarters building was going one to distance to the west of downtown Houston, towards financial institutions regarding Buffalo Bayou. This business gone during the 1965, and that venue includes 36 miles and four place of work structures from the 1990.