American General Funds as well as subsidiaries–which together made up in the 31 percent of your own agencies 1993 performing earnings–provide many consumer money or any other credit-relevant services and products through a national circle of 1,200 part offices

Western General Organization (AG) is amongst the state’s prominent insurance and you will economic services organizations, comprising around three providers areas–advancing years annuities, consumer finance, and you will life insurance policies. AG’s senior years annuity segment are illustrated of the Variable Annuity Existence Insurer (VALIC), which focuses primarily on providing installment loans California income tax-deferred old-age agreements getting instructors and other team out-of not-for-funds groups and shared from the 25 percent of one’s businesses operating earnings during the 1993. Beginning in the newest mid-eighties, American General created a track record for buying almost every other insurance companies–a habit unprecedented on the market–and you will assimilating all of them profitably. This tactic out-of gains compliment of acquisition became a business characteristic, and you can AG’s assets quadrupled for the 1980s.

The annals regarding AG , a native away from Houston, Colorado, whom established the latest John L. Wortham & Young man Agencies insurance firm together with dad early in the brand new 20th century. Gus is actually managing the company whenever their father passed away inside the 1924, and, next season, the guy molded their own business pursuing the Commission out of Appeals out-of Texas influenced that unmarried insurance providers you will definitely mix outlines off company, making it possible for multiple-line underwriting out-of both fire and you will casualty insurance rates. Into support of numerous providers partners and John L. Wortham & Child Service, Gus shaped among the state’s first multi-range insurance providers into the erican General Insurance provider. Functions first started on Summer eight, 1926.

With the help of Wortham’s feel and you can business instincts, AG generated an enthusiastic underwriting profit in its first year out of procedure. The company paid its basic dividend with the prominent inventory throughout the 3rd 12 months, eventually through to the stock-exchange freeze away from 1929. In spite of the effects of the good Anxiety and various economic downturns about ensuing years, returns was basically reduced on a yearly basis, versus cures otherwise disturbance, to the 90s.

AG, such as the town of Houston in general, watched astounding growth from the 1930s. The company’s capital and you may extra topped the new $1 million draw by the 1936; 3 years later, the firm try signed up to run in the nine says, also Texas, and had possessions out of almost $2.dos million. From inside the 1939, AG situated the basic subsidiary, The brand new American Standard Funding Company, which was their earliest foray beyond flame and you may casualty insurance policies. New American Standard Capital Corporation fundamentally offered the totally new products–funding to have trucks and a home methods–to be a main link regarding the organizations financial and actual estate team portion. For the 1945, AG made the first acquisition, using the organization technique for which it create later getting unique in the business. The latest gotten providers, Seaboard Coverage Company, is actually a profitable Houston-depending lifestyle and you will health insurance company you to predated AG by one year.

The life insurance coverage division boasts Western General Existence and Collision; centering on the doorway-to-home sales and services out of antique insurance items in the fresh family, that it division accounted for regarding the 49 % of the corporation’s performing earnings during the 1993

Inside the 1953, AG rented Benjamin N. Woodson away from the Federal Organization regarding Existence Underwriters, where he had been managing director. During the AG, Woodson concerned about extension towards federal business, using his thorough business connectivity to find and acquire other programs. Their focus inside the sixties is actually on increasing its lifestyle and you can medical insurance part. With the you to prevent, AG bought life insurance coverage enterprises when you look at the Nebraska, Their state, Oklahoma, Pennsylvania, and you may Houston, as well as a fire and you may casualty business inside Marshall, Texas.

A beneficial milestone was attained during the 1964 when AG ordered the Maryland Casualty Organization, a good Baltimore-centered assets and you will accountability providers relationship to help you 1898. By this buy, a lot of time a goal of Gus Wortham, AG doubled the proportions and you can turned into a primary assets and you can casualty insurer in every 50 All of us plus in Canada. Additionally, construction from an alternate 24-facts AG head office building are begun that kilometer west of downtown Houston, toward financial institutions out of Buffalo Bayou. The corporation went into the 1965, which area includes thirty six acres and you may four work environment buildings by 1990.