National Guardian Life

Last updated
National Guardian Life Insurance Company
TypeMutual life insurance company
Industry Insurance
Founded1910 (1910)
Headquarters Madison, Wisconsin, United States
Key people
Knut Olson (President/CEO)
ProductsPreneed, Final Expense Insurance, Student Insurance
Revenue$954 million USD (2018)
$37.0 million USD (2018)
Subsidiaries Kentucky Home Capital Corporation
Kentucky Home Trust Company
Southeastern Financial Services, Inc.
Website

National Guardian Life Insurance Company (NGL) is an American insurance company located in Madison, Wisconsin. It was formed in 1910 and is an independent mutual life insurance company and is licensed to do business in 49 states and the District of Columbia. [1]

Contents

In 2011 NGL received an A- (Excellent) rating from A.M. Best. [2] NGL provides pre-need (funeral) insurance, final expense life insurance and group market benefits such as vision and dental products.

History

National Guardian Life Insurance Company (NGL) was founded in 1909 under the name The Wisconsin State Life Insurance Company as a stock company in Madison, Wisconsin. In August 1910 the company changed their name to Guardian Life Insurance Company and a month later the first life insurance policy - policy #1 with a face amount of $5,000 - was sold. [3]

In January 1920, "National" added to name in response to Germania Life Insurance Company becoming "The Guardian Life Insurance Company of America" in 1918.

In 1936, NGL became a mutual company based on a decision by the Board of Directors and several years later, in 1948, the company reached their first $100 million of insurance force. In mid-1995, NGL entered into an alliance with Indianapolis Life Insurance Company in order to market individual term life insurance products and organized "NGL Securities Services LLC" as a subsidiary of NGL Financial Services, Inc.[ citation needed ]

In late 1998, NGL organized Kentucky Home Life Insurance Company as a subsidiary for sales in the Commonwealth of Kentucky. Later that year, NGL merged with Kentucky Home Mutual Life Insurance Company and acquired 19,000 policies and its subsidiaries: Kentucky Home Capital Corporation, Kentucky Home Trust Company, and Southeastern Financial Services, Inc.[ citation needed ]

In early 1999, NGL purchased Allnation Life Insurance Company from Blue Cross/Blue Shield of Delaware and acquired approximately 3,900 policies. Later that year, NGL also acquired a small block of traditional life policies from United Wisconsin Life, and affiliate of Blue Cross/Blue Shield of Wisconsin. At the end of 1999, NGL purchased Settlers Life Insurance Company of Bristol, Virginia adding more than 350,000 policies and certificates.

Both Allnation and Kentucky Home Capital Corporation merged with NGL in early 2000, bringing NGL's ordinary insurance in force to exceed $4 billion. However, that year NGL also exited the Securities market and sold NGL Securities Services LLC to World Securities, Inc.

In the year of 2001, NGL went on to purchase Milwaukee Life Insurance Company from Clarica Life Insurance Company - U.S. and eventually merged with the company by late 2001. NGL also organized Pre-need Reinsurance Company of America (Pre-need Re) as a subsidiary for reinsurance of pre-need insurance written by select independent marketing organizations. NGL also exited the Trust and Investment Management market, ceasing operations of NGL Investment Management Services, Inc., and Kentucky Home Trust Company. The end of the year, NGl terminated their alliance with Indianapolis Life Insurance Company and discontinued selling National Guardian Life TermGuard policies.

In 2002, NGL entered into a joint venture with Starmount Life Insurance Company to market its Group Dental and Group Vision products. NGL also acquired 35,900 life insurance policies with about $115 million of policy reserves from Trustmark Insurance Company and begin to administer 5,100 annuity contracts. In 2003, Protected Home Mutual Life Insurance Company (Sharon, PA) merged with and into NGL, bringing 65,000 policies and $210 million of assets. In 2004, NGL set a record of $120 million of sales of life products, as measured by premium.

In 2005, NGL withdrew from the Traditional Life market and discontinued selling Universal Life Insurance, Traditional Whole Life Insurance and most annuity products. NGL also sold interest in Kentucky Home Life Insurance Company this year.

In 2006, Settlers Life Insurance Company (Bristol, VA) merged with and into NGL. The combined entity immediately changed its name to Settlers Life Insurance Company and focused sales on primarily final expense insurance. Two years later, in 2008, NGL purchased Key life Insurance Company (Indianapolis, IN), acquiring 8,700 policies. Key Life Insurance Company later merged into Settlers Life Insurance Company under NGL.

Late in that year, NGL acquired 80,000 life insurance policies with $47 million of policy reserves from Central American Life Insurance Company (West Monroe, LA), 20,000 policies with $10 million of reserves from Ashley Life Insurance Company (Hamburg, AR), and 8,100 paid up whole life policies from Western Catholic Union (Quincy, IL), with nearly $20 million of policy reserves.

In mid-2009, NGL acquired 5,700 policies with $20 million of policy reserves from Citizens Security Life Insurance Company. In 2010, NGL entered into a coinsurance transaction with Citizens Security Life Insurance Company (Louisville, KY). Along with $87 million in reserves, this acquisition includes 80,000 policies. In mid-2012, NGL entered into an affiliation with Commercial Travelers Mutual Insurance Company (Utica, NY), permitting NGL access to sell in the state of New York. In mid-2015, Standard Security Life Insurance Company of New York were reinsured into NGL. [4] NGL made another acquisition in 2015: the July acquisition of Madison National Life Insurance Company gained 280,000 policies for NGL, with a value estimated at $260 million of reserves. [5]

As of 2015, NGL held $3.8 billion in total assets and $3.5 billion in liabilities, about twice the level of total assets from 2007. [6] NGL Insurance Group maintains an A- rating [7] based on A.M. Best's Rating Services.

Related Research Articles

MetLife, Inc. is the holding corporation for the Metropolitan Life Insurance Company (MLIC), better known as MetLife, and its affiliates. MetLife is among the largest global providers of insurance, annuities, and employee benefit programs, with 90 million customers in over 60 countries. The firm was founded on March 24, 1868. MetLife ranked No. 43 in the 2018 Fortune 500 list of the largest United States corporations by total revenue.

Gen Re

General Reinsurance Corporation is an American multinational property/casualty and life/health reinsurance company offering a range of reinsurance products and services. The company is a direct reinsurer and is represented in all major reinsurance markets worldwide through a network of more than 40 offices and over 3,578 employees. Gen Re is a member of the Berkshire Hathaway Inc group of companies.

Zurich Insurance Group Company

Zurich Insurance Group Ltd. is a Swiss insurance company, headquartered in Zürich, and the country's largest insurer. As of 2021, the group is the world's 112th largest public company according to Forbes' Global 2000s list, and in 2011 it ranked 94th in Interbrand's top 100 brands.

American Family Insurance American private mutual company

American Family Insurance, also abbreviated as AmFam, is an American private mutual company that focuses on property, casualty, and auto insurance, and also offers commercial insurance, life, health, and homeowners coverage as well as investment and retirement-planning products. A Fortune 500 company, its revenues were over $9.5 billion in 2017.

Genworth Financial is an S&P 400 insurance company. The firm was founded as The Life Insurance Company of Virginia in 1871. In 1986, Life of Virginia was acquired by Combined Insurance, which became Aon plc in 1987. In 1996, Life of Virginia was sold to GE Capital. In May 2004, Genworth Financial was formed out of various insurance businesses of General Electric in the largest IPO of that year. Genworth Financial is incorporated in Virginia.

New York Life Insurance Company American life insurance company

New York Life Insurance Company (NYLIC) is the third-largest life insurance company in the United States, the largest mutual life insurance company in the United States and is ranked #71 on the 2019 Fortune 500 list of the largest United States corporations by total revenue. NYLIC has about $593 billion in total assets under management, and more than $25 billion in surplus and AVR. In 2007, NYLIC achieved the best possible ratings by the four independent rating companies. Other New York Life affiliates provide an array of securities products and services, as well as institutional and retail mutual funds.

Ameriprise Financial Financial services company

Ameriprise Financial, Inc. is a diversified financial services company and bank holding company incorporated in Delaware and headquartered in Minneapolis, Minnesota. It provides financial planning products and services, including wealth management, asset management, insurance, annuities, and estate planning.

The Massachusetts Mutual Life Insurance Company, also known as MassMutual, is a Springfield, Massachusetts-based life insurance company.

Great-West Lifeco Inc. is a Canadian insurance-centered financial holding company that operates in North America, Europe and Asia through five wholly owned, regionally focused subsidiaries. Many of the companies it has indirect control over are part of its largest subsidiary, The Canada Life Assurance Company; the others are managed by Great-West Lifeco U.S. LLC, a U.S. based subsidiary. Great-West Lifeco is indirectly controlled by Montreal billionaire Paul Desmarais through his stake in the Power Corporation of Canada, which owns 72% of Great-West Lifeco. The hyphen in the company's name was originally a typesetter's error.

The Guardian Life Insurance Company of America is one of the largest mutual life insurance companies in the world. Based in Manhattan, it has approximately 8,000 employees in the United States and a network of over 3,000 financial representatives in more than 70 agencies nationwide. As of 2018, it ranks 239th on the Fortune 500 list of largest American corporations by revenue. In 2015, Guardian achieved the highest earnings in its 155-year history with $7.3 billion in capital and $1.5 billion in operating costs. Founded in Manhattan in 1860, the company offers a wide range of insurance products and services, including life insurance, disability income insurance, annuities, investments, and dental and vision insurance coverage.

Samsung Fire & Marine Insurance is an insurance company based in Seoul, South Korea. Incorporated on January 26, 1952, under the name of "Korea Anbo Fire Marine Reinsurance Co.", the company changed its name to Samsung Fire & Marine Insurance Co., Ltd., in December 1993, after its takeover by Samsung Group dated back to 1958. Samsung Fire & Marine Insurance, SFMI in short, is operating property and casualty insurance business and third-party insurance business defined by the Korea Insurance Business Act, while engaging in providing financial services and instruments approved by relevant laws and regulations including the Korea Financial Investment Services and Capital Markets Act. Its business portfolio consists of automobile insurance, long-term insurance, general insurance, enterprise risk management, annuities, etc. As of the end of 2015, Samsung Fire & Marine Insurance has seven overseas subsidiaries in Indonesia, Vietnam, China, Brazil, Europe, US, and Singapore.

Protective Life

Protective Life Corporation is a financial service holding company in Birmingham, Alabama. The company's primary subsidiary, Protective Life Insurance Company, was established in 1907 and now markets its products and services in all 50 states. As of December 31, 2020, the corporation had more than 3,200 employees, annual revenues of $6.5 billion and assets of $127 billion. In addition to Protective Life Insurance Company, Protective Life Corporation's subsidiaries include West Coast Life Insurance Company, MONY Life Insurance Company, Protective Life And Annuity Insurance Company, ProEquities Inc./Protective Securities, and Protective Property and Casualty Insurance Company.

Bond insurance, also known as "financial guaranty insurance", is a type of insurance whereby an insurance company guarantees scheduled payments of interest and principal on a bond or other security in the event of a payment default by the issuer of the bond or security. It is a form of "credit enhancement" that generally results in the rating of the insured security being the higher of (i) the claims-paying rating of the insurer or (ii) the rating the bond would have without insurance.

The Ohio National Life Insurance Company is a mutual insurance company headquartered in Cincinnati, Ohio, United States. Along with its affiliated companies, the Ohio National group offers life insurance, annuities, disability insurance, group retirement plans, and investment products. It sells products in all fifty states, the District of Columbia, and Puerto Rico.

CUNA Mutual Group is a mutual insurance company that provides financial services to cooperatives, credit unions, their members, and other customers worldwide. CUNA Mutual Group sells commercial and consumer insurance and protection products. CUNA Mutual Group provides retirement plan services to small businesses and credit union employees. The Madison, Wisconsin-based company also provides auto, home, life and loan protection products to credit union members through its TruStage brand.

The Phoenix Companies, Inc., is a financial services company that traces its origins to 1851.

F&G

F&G, previously known as Fidelity and Guaranty Life Insurance Company is an American financial company, primarily providing annuities and life insurance. The company was founded in 1959 and is based in Des Moines, Iowa.

Northwestern Mutual is an American financial services mutual organization based in Milwaukee. The financial security company provides consultation on wealth and asset income protection, education planning, retirement planning, investment advisory services, financial planning trust and private client services, estate planning and business planning. Its products include life insurance, permanent life insurance, disability income, and long-term care insurance; annuities; investments; and investment advisory products and services. Northwestern Mutual ranked No. 90 on the 2021 Fortune 500 list of the largest United States corporations by total revenue and is in the top 30 by assets held. The firm distributes a portion of its earnings to eligible policyholders as annual dividends.

Covéa

Covéa is a French mutual insurance company that covers property, liability and reinsurance businesses headquartered in Paris. It was formed from the merger of three separate French mutual insurance companies Garantie Mutuelle des Fonctionnaires (GMF), Mutuelle d'assurance des artisans de France (MAAF) and Mutuelle du Mans Assurance (MMA).

UPC Insurance

United Property & Casualty Insurance Company, Inc. is an American property and casualty insurance company with headquarters in Florida. It writes commercial, residential, homeowners’, and flood insurance policies in several coastal states. According to the most recent data available, UPC Insurance had about 159,170 active policies, accounting for just over 2.5 percent market share.

References

  1. "Corporate Disclosures".
  2. A.M. Best rating for National Guardian Life Insurance Company
  3. "Archived copy". Archived from the original on 2015-10-20. Retrieved 2016-02-08.CS1 maint: archived copy as title (link)
  4. "Independence Holding Company Completes the Sale of Run-Off Blocks of Individual Life and Annuities". 31 July 2015.
  5. "National Guardian Life will acquire individual life and annuity business of Madison National Life". IBMadison.com. In Business. June 2015. Retrieved 26 April 2016.
  6. "NGL Company Brochure 03/16". National Guardian Life Insurance Company. December 31, 2015. Archived from the original on 26 April 2016. Retrieved 26 April 2016.
  7. "National Guardian Life Insurance Company - Company Profile - Best's Credit Rating Center".