American General Finance and its subsidiaries–and this to one another comprised on 30 % of one’s companies 1993 doing work earnings–give a wide range of consumer funds or any other borrowing-associated products thanks to a national network of 1,two hundred department organizations

American General Firm (AG) is just one of the country’s prominent insurance rates and you will monetary attributes organizations, comprising around three company segments–senior years annuities, user fund, and you can life insurance policies. AG’s retirement annuity segment try represented by Varying Annuity Existence Insurer (VALIC), hence focuses primarily on delivering taxation-deferred advancing years preparations for coaches or any other personnel out-of maybe not-for-funds communities and shared on the 25 % of business’s operating income from inside the 1993. While it began with brand new 1980s, Western General build a credibility for choosing other insurance companies–a practice unprecedented in the business–and you can assimilating all of them productively. This strategy out-of gains using order turned a corporate characteristic, and AG’s property quadrupled inside mid-eighties.

The annals regarding AG , a native of Houston, Colorado, who situated the latest John L. Wortham & Young man Company insurer with his father early in the fresh twentieth century. Gus try controlling the agencies whenever his dad passed away for the 1924, and you may, the following year, he formed his or her own company pursuing the Commission away from Appeals student college loans away from Colorado influenced you to definitely solitary insurers you are going to blend traces out-of business, allowing multi-line underwriting out-of one another fire and you will casualty insurance policies. Into the support of several providers associates in addition to John L. Wortham & Child Agency, Gus shaped among country’s earliest multi-range insurers to the erican Standard Insurer. Operations began to the June eight, 1926.

By using Wortham’s feel and you will company intuition, AG acquired an enthusiastic underwriting earnings with its first year off process. The organization reduced the very first bonus toward preferred stock through the their 3rd season, quickly until the stock market crash out-of 1929. In spite of the ramifications of the great Anxiety and various monetary downturns about resulting ages, dividends was paid every year, rather than avoidance or interruption, on the 1990s.

AG, including the city of Houston generally speaking, spotted enormous growth from the 1930s. The company’s resource and extra topped the $1 million mark by the 1936; 3 years afterwards, the company is subscribed to perform when you look at the 9 claims, including Tx, along with property of almost $2.2 mil. In the 1939, AG situated their very first part, The brand new American Standard Resource Business, that was the company’s first foray beyond fire and you can casualty insurance rates. The American Standard Money Enterprise eventually stretched its original choices–financial support to own trucks and you can home tactics–to be a central link throughout the organizations mortgage and you can real estate team phase. Into the 1945, AG produced its very first acquisition, using the development technique for that it perform afterwards feel book on the market. The fresh new obtained business, Seaboard Coverage Company, is actually a profitable Houston-depending lifetime and fitness insurance carrier you to definitely predated AG by the one year.

The life span insurance policies division is sold with Western Standard Lives and you may Crash; concentrating on the door-to-home income and you may provider regarding traditional life insurance policies items in the fresh domestic, this section taken into account regarding the 44 % of your organization’s doing work money inside the 1993

In the 1953, AG hired Benjamin N. Woodson out of the National Relationship away from Existence Underwriters, in which he was managing director. At the AG, Woodson concerned about expansion toward national industry, playing with their comprehensive team connections to acquire to get other programs. The business’s focus in sixties is actually toward broadening the lifestyle and medical health insurance segment. Toward one avoid, AG bought coverage organizations into the Nebraska, The state, Oklahoma, Pennsylvania, and you may Houston, including a flames and you may casualty team inside Marshall, Texas.

A beneficial milestone is achieved into the 1964 whenever AG purchased the newest Maryland Casualty Business, good Baltimore-mainly based possessions and you can responsibility business dating so you’re able to 1898. Through this acquisition, long an intention of Gus Wortham, AG doubled its dimensions and turned a major assets and casualty insurer throughout fifty Us plus in Canada. Additionally, build regarding another type of 24-story AG head office strengthening try began that distance to the west of downtown Houston, into the finance companies off Buffalo Bayou. This business gone within the 1965, and that location includes thirty-six miles and you may five place of work buildings because of the 1990.