The American Express Bank

The American Express Company, also known as Amex, is an American multinational financial services corporation headquartered in Manhattan's Three World Financial Center in New York City, United States. Founded in 1850, it is one of the 30 components of the Dow Jones Industrial AverageThe company is best known for its credit card, charge card, and traveler's cheque businesses. Amex cards account for approximately 24% of the total dollar volume of credit card transactions in the US.

Early history

In 1850, American Express was started as an express mail business in Buffalo, New York. It was founded as a joint stock corporation by the merger of the express companies owned by Henry Wells (Wells & Company), William G. Fargo (Livingston, Fargo & Company), and John Warren Butterfield (Wells, Butterfield & Company, the successor earlier in 1850 of Butterfield, Wasson & Company).Wells and Fargo also started Wells Fargo & Co. in 1852 when Butterfield and other directors objected to the proposal that American Express extend its operations to California.

American Express initially established its headquarters in a building at the intersection of Jay Street and Hudson Street in what was later called the Tribeca section of Manhattan. For years it enjoyed a virtual monopoly on the movement of express shipments (goods, securities, currency, etc.) throughout New York State. In 1874, American Express moved its headquarters to 65 Broadway in what was becoming the Financial District of Manhattan, a location it was to retain through two buildings.

American Express buildings

In 1854, the American Express Co. purchased a lot on Vesey Street in New York City as the site for its stables. The company's first New York headquarters was an 1858 marble Italianate palazzo at 55–61 Hudson Street, which had a busy freight depot on the ground story with a spur line from the Hudson River Railroad. A stable was constructed in 1867, five blocks north at 4–8 Hubert Street.

The company prospered sufficiently that headquarters were moved in 1874 from the wholesale shipping district to the budding Financial District, and into rented offices in two five-story brownstone commercial buildings at 63 and 65 Broadway that were owned by the Harmony family.

In 1880, American Express built a new warehouse behind the Broadway Building at 46 Trinity Place. The designer is unknown, but it has a façade of brick arches that are redolent of pre-skyscraper New York. American Express has long been out of this building, but it still bears a terracotta seal with the American Express Eagle.

ten-story building by Edward H. Kendall on the site of its former headquarters on Hudson Street.

By 1903, the company had assets of some $28 million, second only to the National City Bank of New York among financial institutions in the city. To reflect this, the company purchased the Broadway buildings and site.

At the end of the Wells-Fargo reign in 1914, an aggressive new president, George Chadbourne Taylor (1868–1923), who had worked his way up through the company over the previous thirty years, decided to build a new headquarters. The old buildings, dubbed by the New York Times as "among the ancient landmarks" of lower Broadway, were inadequate for such a rapidly expanding concern. After some delays due to the war in Europe, the 21-story neo-classical American Express Co. Building was constructed in 1916–17 to the design of James L. Aspinwall, of the firm of Renwick, Aspinwall & Tucker, the successor to the architectural practice of the eminent James Renwick, Jr.. The building consolidated the two lots of the former buildings with a single address: 65 Broadway. This building was part of the "Express Row" section of lower Broadway at the time. The building completed the continuous masonry wall of its block-front and assisted in transforming Broadway into the "canyon" of neo-classical masonry office towers familiar to this day.American Express extended its reach nationwide by arranging affiliations with other express companies (including Wells Fargo – the replacement for the two former companies that merged to form American Express), railroads, and steamship companies.

Financial services

In 1882, American Express started its expansion in the area of financial services by launching a money order business[13] to compete with the United States Post Office's money orders.

Sometime between 1888 and 1890, J. C. Fargo took a trip to Europe and returned frustrated and infuriated. Despite the fact that he was president of American Express and that he carried with him traditional letters of credit, he found it difficult to obtain cash anywhere except in major cities. Fargo went to Marcellus Flemming Berry and asked him to create a better solution than the letter of credit. Berry introduced the American Express Traveler's Cheque which was launched in 1891 in denominations of $10, $20, $50, and $100.[17]

Traveler's cheques established American Express as a truly international company. In 1914, at the onset of World War I, American Express in Europe was among the few companies to honor the letters of credit (issued by various banks) held by Americans in Europe, because other financial institutions refused to assist these stranded travelers.

Capital One Bank

Capital OneCapital One Financial Corporation is an American bank holding company specializing in credit cards, home loans, auto loans, banking and savings products. When measured in terms of total assets and deposits, Capital One is the eighth-largest bank holding company in the United States. As of 2012, The bank has 963 Capital One Bank Branches  ncluding 10 café style locations for their Capital One 360 brand On July 27, 1994, Richmond, Virginia-based Signet Financial Corp announced the spin off of its credit card division, OakStone Financial, naming Richard Fairbank as CEO[12] (Signet Banking Corp is now part of Wells Fargo). Signet renamed the subsidiary Capital One in October of that year.[ The spinoff was concluded February 28, 1995, making Capital One fully independent. Unlike other diversified financial services firms, Capital One began as a "monoline", meaning the vast majority of its business was in consumer lending, particularly credit cards. Remaining a monoline is risky, as it can be very profitable industry in good times, and markedly unprofitable in bad. Most consumer-lending monolines in the past twenty years have either gone out of business (e.g., The Money Store, NextCard, Royal Acceptance) or have been acquired (e.g., MBNA, Beneficial, First USA); Capital One is notable for having experienced neither. 

Capital One Auto Finance

Capital One Auto Financial Corporation is the parent company of Capital One Auto Finance Company, based in Plano, Texas The company includes Summit Acceptance Corporation, which Capital One acquired in July 1998, and PeopleFirst Finance LLC, which was acquired in October 2001. The companies were combined and rebranded as Capital One Auto Finance Corporation in 2003. As of 2012, Capital One Auto Finance is the largest Internet auto lender, as well as one of the top US auto lenders overall.

The company, which previously sold auto loans only through direct mail and auto dealerships, lets auto owners refinance existing auto loans and shoppers apply for new auto loans online. A decision usually comes within 15 minutes, after which the buyer receives a "blank check" for up to the approved auto loan amount, which the buyer uses to purchase a car. To the dealership, it is as if the buyer were paying cash. The checks can be used to purchase a new or used vehicle, or to refinance an existing auto loan with another lender.

CapitalOne 360

CapitalOne 360 is an online banking division of Capital One. The division originated in a separate company, ING Direct, which was founded in 2000 in Wilmington, Delaware as a brand for a branchless direct bank. In September 2007, ING Direct acquired 104,000 customers and FDIC insured assets from the failed virtual bank NetBank.Two months later, ING Direct acquired online stock broker Sharebuilder.Since 2001, Capital One has been the principal sponsor of the college football Florida Citrus Bowl, rebranding it the Capital One Bowl in 2003. It sponsors a mascot challenge every year, announcing the winner on the day of the Capital One Bowl. Capital One is one of the top three sponsors of the NCAA, paying an estimated $35 million annually in exchange for advertising and access to consumer data.

wo months later, ING Direct acquired online stock broker Sharebuilder.

In June 2011, Capital One Financial Corporation purchased ING Direct USA from its Netherlands based parent, ING Group, paying US$9 billion (€6.3 billion). The sale was completed on June 16, 2011 with the CEO of ING Group at that time Jan Hommen saying the sale "marks a further important step in the restructuring of ING Group. Yet at the same time we are saying goodbye to a very successful business and a dedicated teamFollowing the acquisition, ING direct was rebranded Capital One 360.

Business Loan

A business loan is a loan specifically intended for business purposes. As with all loans, it involves the creation of a debt, which will be repaid with added interest. There are a number of different types of business loan, suited to the requirements of different types of business such as bank loans, mezzanine financing, asset-based financing and invoice financing.A bank loan is obtained from a bank and may be either secured or unsecured. For secured loans, banks will require collateral, which may be lost if repayments are not made. The bank will probably wish to see the business’s accounts, balance sheet and business plan, as well as studying the principals' credit histories. Many smaller businesses are now however turning towards Alternative Finance Providers who are offering a number of advantages and reasons to seek business finance elsewhere.  it has become increasingly difficult for SMEs to obtain traditional finance from banks. An alternative option is invoice discounting or factoring, whereby the company borrows against its outstanding invoices, with the ability to obtain funds as soon as new invoices are created, but it is often questioned which option is best for your business – factoring or discounting?.[citation needed] The finance company charges interest on the loan until the invoice is paid, as well as fees if the factoring option is chosen, in which case the factoring company takes ownership of the debtor ledger and uses its own credit control team to secure payment. With invoice discounting, the business maintains control of its own ledger and chases debts itself.Business loans may be either secured or unsecured. With a secured loan, the borrower pledges an asset (such as plant, equipment, stock or vehicles) against the debt. If the debt is not repaid, the lender may claim the secured asset. Unsecured loans do not have collateral, though the lender will have a general claim on the borrower’s assets if repayment is not made. Should the borrower become bankrupt, unsecured creditors will usually realise a smaller proportion of their claims than secured creditors. As a consequence, secured loans will generally attract a lower rate of interest.

AARP, Inc., formerly the American Association of Retired Persons, is a United States-based membership and interest group, founded in 1958 by Ethel Percy Andrus, Ph.D., a retired educator from California, and Leonard Davis, founder of Colonial Penn Group of insurance companies.AARP is a membership organization for people age 50 and over and operates as a non-profit advocate for its members and is one of the most powerful lobbying groups in the United States.

AARP has seven affiliated organizations The AARP Foundation's website claims the nonprofit "wants to win back opportunity for those now in crisis, so thousands of vulnerable low-income Americans 50+ can regain their foothold, continue to serve as anchors for their families and communities and ensure that their best life is still within reach." Key areas of focus are hunger, income, housing and isolation. The Foundation's vision is "a country that is free of poverty where no older person feels vulnerable

According to the group's official history, Dr. Ethel Percy Andrus founded AARP in 1958. AARP evolved from the National Retired Teachers Association (NRTA), which Andrus had established in 1947 to promote her philosophy of productive aging, and in response to the need of health insurance for retired teachers. After ten years, Andrus opened the organization to all Americans over 50, creating AARP. Critics of AARP offer an alternative version of the group's origins. 60 Minutes reported in a 1978 exposé that AARP had been established as a marketing device by Leonard Davis, founder of the Colonial Penn Group insurance companies, after he met Ethel Percy Andrus In the 1990s, the United States Senate investigated AARP's non-profit status, with Republican Senator Alan Simpson, then chairman of the United States Senate Finance Subcommittee on Social Security, Pensions, and Family Policy, questioning the organization's tax-exempt status in congressional hearings. According to Charles Blahous, the investigations did not reveal sufficient evidence to change the organization's status  AARP Foundation, a non-profit charity that helps people over age 50 at social and economic risk; AARP Institute, a non-profit charity that holds some of AARP's charitable gift annuity funds; Legal Counsel for the Elderly, a non-profit charity that provides low- or no-cost legal assistance to seniors in Washington, D.C.; AARP Experience Corps, a non-profit charity that encourages people over age 50 to mentor and tutor school children; AARP Insurance Plan, a non-profit social welfare organization that holds some of AARP's group health insurance policies; AARP Financial Services Corporation, a for-profit corporation that holds AARP's real estate; and AARP Services Inc, a for-profit corporation that provides quality control and research.

The organization was originally named the American Association of Retired Persons, but in 1999 it officially changed its name to "AARP" (pronounced one letter at a time, "ay ay ar pee") to reflect that its focus was no longer American retirees.

 The organization says that it is non-partisan and does not support, oppose or give money to any candidates or political parties. AARP's total revenue for 2006 was approximately $1 billion and it spent $23 million on lobbying.[15] Middle-class security has been a major focus for the organization in recent years.[16] AARP also provides extensive consumer information, volunteer opportunities, and events including the annual National Event & Expo (2013 in Las Vegas from May 30–June 1 and in Atlanta from Oct. 3–5). One of AARP's goals is to reduce hunger among seniors through the Drive to End Hunger. In 2011, AARP and AARP Foundation formed a relationship with NASCAR driver Jeff Gordon and Hendrick Motorsports to increase awareness of hunger in America with the No. 24 Drive to End Hunger race car and related food drives.A business loan is a loan specifically intended for business purposes. As with all loans, it involves the creation of a debt, which will be repaid with added interest. There are a number of different types of business loan, suited to the requirements of different types of business such as bank loans, mezzanine financing, asset-based financing and invoice financing.A bank loan is obtained from a bank and may be either secured or unsecured. For secured loans, banks will require collateral, which may be lost if repayments are not made. The bank will probably wish to see the business’s accounts, balance sheet and business plan, as well as studying the principals' credit histories. Many smaller businesses are now however turning towards Alternative Finance Providers who are offering a number of advantages and reasons to seek business finance elsewhere.  it has become increasingly difficult for SMEs to obtain traditional finance from banks. An alternative option is invoice discounting or factoring, whereby the company borrows against its outstanding invoices, with the ability to obtain funds as soon as new invoices are created, but it is often questioned which option is best for your business – factoring or discounting?.[citation needed] The finance company charges interest on the loan until the invoice is paid, as well as fees if the factoring option is chosen, in which case the factoring company takes ownership of the debtor ledger and uses its own credit control team to secure payment. With invoice discounting, the business maintains control of its own ledger and chases debts itself.Business loans may be either secured or unsecured. With a secured loan, the borrower pledges an asset (such as plant, equipment, stock or vehicles) against the debt. If the debt is not repaid, the lender may claim the secured asset. Unsecured loans do not have collateral, though the lender will have a general claim on the borrower’s assets if repayment is not made. Should the borrower become bankrupt, unsecured creditors will usually realise a smaller proportion of their claims than secured creditors. As a consequence, secured loans will generally attract a lower rate of interest.

Progressive Auto insurance

Progressive Auto insurance The Progressive Corporation is one of the largest providers of car insurance in the United States. The company also insures motorcycles, boats, RVs and commercial vehicles, and provides home insurance through select companies. Progressive has expanded internationally as well, offering car insurance in Australia. The company was co-founded in 1937 by Jack Green and Joseph M. Lewis, and is headquartered in Mayfield Village,
Segments
The company operates in three segments: Personal Lines, Commercial Auto, and Other-indemnity. The Personal Lines segment writes insurance for private passenger automobiles, motorcycles, boats, and recreational vehicles through both an independent agency channel and a direct channel. The Commercial Auto segment writes primary liability and physical damage insurance for automobiles and trucks owned by businesses primarily through the independent agency channel. The Other-indemnity segment provides professional liability insurance to community banks, principally directors, and officers liability insurance. It also provides insurance-related services, primarily providing policy issuance and claims adjusting services in 25 states for Commercial Auto Insurance Procedures/Plans. In 2011, the company was ranked 164 in the Fortune 500.
Industry information
Progressive is one of the largest auto insurers in the United States, with over 13 million policies in force

 along with State Farm, Allstate, GEICO, Nationwide Insurance, Farmers Insurance Group, and USAA. Progressive primarily offers its services through the Internet or by phone and through independent insurance agents. Progressive's Agency business sells insurance through more than 30,000 independent insurance agencies and progressiveagent.com where customers can quote their own policies and then contact an agent to complete the sale.

In December 2009, Progressive announced it was selling car insurance in Australia.Initially called Progressive Direct, it rebranded as Progressive in 2011.
Marketing and operations
Progressive's marketing campaign is known for offering quotes of its competitors along with its own quote. It was the first major insurer to offer auto policies through the phone and through its web site. In September 2007 Progressive began to offer Pet Injury coverage, which provides coverage for dogs and cats that are injured in a crash and is included at no additional cost with Collision coverage.
Immediate Response Vehicles (IRVs) used by Progressive are specially modified Ford Explorers and Ford Escapes.
In 2002, the company settled with the State of Georgia in a class action lawsuit over diminished value claims brought by policyholders.

In 2007, the company apologized after it was revealed they hired private investigators to infiltrate a church group and pose as congregation members to collect information on litigants seeking redress from the company. Another lawsuit was filed by the litigants over the affair against the company for invasion of privacy and fraud.

In 2009, the company was sued for allegedly deceiving policyholders by employing illegally operated, unlicensed body shops to make repairs on vehicles for their clients in order to save money. The court ruled in Progressive's favor on two of the counts and the other four were dropped, pending appeal.

Also in 2009, the company was accused of ordering their advertisements off the air during the show broadcast of Glenn Beck on the Fox News Channel over comments made about U.S. President Barack Obama. Progressive responded that they never authorized their ads to be aired during Beck's program, and they aired in that timeslot due to Fox's error.

In 2012, the company was widely criticized online for how it handled the claims filed by the family of Kaitlynn Fisher. When Kaitlynn Fisher, 24, was hit and killed by a driver who ran a red light in Baltimore, Progressive fought to avoid payment due, with a policy that covered against the possibility of an accident with an underinsured driver. The driver was found to be negligent at trial with the Fisher family contending that Progressive provided legal assistance to the defense.

Liberty Mutual

Liberty Mutual Group, more commonly known by the name of its primary line of business, Liberty Mutual Insurance, is an American diversified global insurer, and the second-largest property and casualty insurer in the United Statest ranks 76th on the Fortune 100 list of largest corporations in the United States based on 2013 revenue. Liberty Mutual Group owns, wholly or in part, local insurance companies in Argentina, Brazil, Chile, China (including Hong Kong), Colombia, Ecuador, India, Ireland, Poland, Portugal, Russia, Singapore, Spain, Thailand, Turkey, the United Kingdom, Venezuela and Vietnam.

In the United States, Liberty Mutual remains a mutual company where policyholders holding contracts for insurance are considered shareholders in the company. However, Liberty Mutual Group's brand usually operates as a separate entity outside the United States. In other countries, subsidiaries are often created in countries where legally recognized mutual company benefits cannot be enjoyed.

The current CEO is David H. Long. He succeeded his predecessor Edmund (Ted) F. Kelly on June 29, 2011.

Early history

Liberty Mutual was founded in 1912 as the Massachusetts Employees’ Insurance Association (MEIA), following passage of a Massachusetts state law requiring employers to protect their employees with workers’ compensation insurance in 1911.The first branch office was opened in 1914, and later that year, the company wrote its first automobile insurance policy. The company was founded as a Massachusetts Mutual Company, where its insureds have ownership in the company. The name was changed in 1917 to the Liberty Mutual Insurance Company and, through partnerships, the company began offering full-coverage auto policies.

Growth and acquisitions

Liberty Mutual's growth has been both organic and through acquisition. Early acquisitions were small, but Liberty Mutual has made several large acquisitions over the past decade, including the high-profile acquisition of Safeco Corporation in 2008. Liberty Mutual agreed to acquire all outstanding shares of Safeco for $68.25 per share, for a total transaction price of approximately $6.2 billion. The result of this activity was an increase in revenue from $6 billion to over $30 billion in twelve years. In 1999, the company purchased Wausau Insurance Cos.

Liberty Mutual created a television commercial in 2006 about people doing good things for strangers, reporting that the "overwhelming" positive response they received for the ad led to their decision to create the website The Responsibility Project.

Strategic business units

rty Mutual conducts all of its business through four strategic business units: Personal Insurance, Commercial Insurance, Liberty International, and Global Specialty

Personal insurance

Passenger automobile, homeowners, life, annuity, and other property and casualty insurance products are available via Liberty Mutual's Personal Insurance line. These products are branded under the Liberty Mutual Insurance and Safeco names, and are distributed via a vast network of over 2,300 sales professionals. Other distribution means are call centers, third-party producers, and the company's own website. Over 10,000 insurance agencies across the United States carry Safeco-branded products.

Subsidiary companies[edit]

Helmsman Management Services

Liberty International Underwriters (LIU)

Liberty Mutual Surety (LMS)

Liberty Mutual Reinsurance (LMR)

Liberty Specialty Markets (LSM)

Liberty Mutual Agency Corporation

America First Insurance

Colorado Casualty

Golden Eagle Insurance

Indiana Insurance

Liberty Mutual Surety

Liberty Northwest

Liberty SuretyFirst

Montgomery Insurance

Ohio Casualty

Ohio Security

West American

Peerless Insurance

Safeco

Peerless Insurance

Liberty Mutual Research Institute for Safety

Founded in 1954, the Liberty Mutual Research Institute for Safety has studied the occupational safety and health of workers. Its scientific contributions include machine safeguarding guidelines, the Cornell-Liberty Survival Car, and ergonomic guidelines that have informed the basis for national and international safety standards. More recently, the Institute developed the Workplace Safety Index, which is an annual ranking of the leading causes of the most disabling occupational injuries in the United States.

The Institute's scientists conduct field and laboratory experiments to study the major causes of work-related injury and disability, publishing their results in peer-reviewed scientific literature. Institute findings are the basis for safety programs, recommendations, and software used by Liberty Mutual loss control consultants in order to help policyholders enhance worker safety. The Institute’s work is non-proprietary, and is available to the publicNational schemes have the advantage that the pool or pools tend to be very very large and reflective of the national population. Health care costs, which tend to be high at certain stages in life such as during pregnancy and childbirth and especially in the last few years of life can be paid into the pool over a lifetime and be higher when earnings capacity is greatest to meet costs incurred at times when earnings capacity is low or non existent. This differs from the private insurance schemes that operate in some countries which tend to price insurance year on year according to health risks such as age, family history, previous illnesses, and height/weight ratios. Thus some people tend to have to pay more for their health insurance when they are sick and/or are least able to afford it. These factors are not taken into consideration in NHI schemes. In private schemes in competitive insurance markets, these activities by insurance companies tend to act against the basic principles of insurance which is group solidarity.

National health insurance schemes

See also: Universal health coverage by country

Health care in Australia - Medicare (Australia)

Healthcare in Belgium - Sickness and Invalidity Insurance

Healthcare in Germany

Health care in Ghana - National Health Insurance Scheme (NHIS)

Health care in Colombia - Law 100 - National Health Insurance Scheme: Contributory Vs. Subsidized coverage (NHIS)

Health care in Japan - People without insurance through employers can participate in a national health insurance program administered by local governments.

Health care in France

Healthcare in South Korea

Healthcare in Switzerland - A compulsory health insurance covers a range of treatments which are set out in detail in the Federal Act.

Healthcare in Taiwan - National Health Insurance (NHI)

Healthcare in Nigeria - National Health Insurance Scheme (NHIS)

Health care in Canada

Healthcare in the Philippines - Social Health Insurance Program, a resource pooling, risk sharing health care program that provides quality health care financing not only to the employed but to the sick, elderly, and indigents, as well

This list is incomplete; you can help by expanding it.

See also[edit]

Health care compared - tabular comparisons of the US, Canada, and other countries not shown above.

Health care politics

Publicly funded health care

Single-payer health care.

Farmers Insurance

Farmers Insurance Group (informally Farmers) is a U.S. insurer group of automobiles, homes and small businesses and also provides other insurance and financial services products. Farmers Insurance has more than 50,000 exclusive and independent agents and approximately 22,000 employees.
1922 to 2000
1922
Farmers' future co-founders John C. Tyler and Thomas E. Leavey first met after Tyler moved to California.Tyler and Leavey had both grown up with rural backgrounds and believed that farmers and ranchers, who had better driving rates than urbanites, deserved lower insurance premiums During the 1920s, farmers across the United States were establishing their own mutual insurance firms and cooperatives in order to have less expensive policies. Tyler, the son of South Dakotan insurance salesman, and Leavey, who had formerly worked for the Federal Farm Loan Bureau and the National Farm Loan Association, recognized that these farmers, ranchers, and other rural drivers were an overlooked market and wished to create their own auto insurance firm.
1927
Tyler and Leavey received a loan from the founder of Bank of America, enabling them to start their company.[2]

1928
Tyler and Leavey opened the doors to their newly founded company, Farmers Automobile Inter-Insurance Exchange, in downtown Los Angeles, California.[2] Tyler served as president with Leavey as vice president. A sales manager and secretary completed the four-employee team.

On March 28, 1928, the first meeting of the board of governors was convened. Two days later, Charles Brisco insures his 1925 Cadillac Phaeton and becomes the first Farmers customer.

1935
Truck Insurance Exchange, a new reciprocal insurer, was launched to specialize in truck insurance.
1936
Farmers Insurance Exchange was named the leading reciprocal in earned premiums for auto insurance by National Underwriter
.
1942
Fire Insurance Exchange, the third reciprocal insurer, was launched, specializing in home insurance.

1950
Mid-Century Insurance Company became a subsidiary of the Farmers Insurance Exchange. Aside from the insurance coverage provided by the original three exchanges, Mid-Century offered insurance coverage for Inland Marine, robbery, burglary, personal lines, plate glass, selected bonds, and floaters.

1953
Seattle-based New World Life Insurance Company was acquired by Farmers.

1959
Farmers began annual participation in the Pasadena Rose Parade, launching its involvement in parades and community events nationwide.
1973
John C. Tyler died at the age of 86.Thomas E. Leavey, the remaining co-founder, took the CEO position.

1978
Thomas E. Leavey retired.

1988
After an eight-month takeover battle, BATUS Inc., the American subsidiary of British conglomerate B.A.T. Industries Plc, acquired Farmers Group, Inc. for $5.2 billion and becomes the sole stockholder of the company's 68 million shares of common stock.

1989, 1991, and 1994
Multiple, large-scale disasters posed financial challenges to Farmers Insurance. The 1989 San Francisco earthquake, 1991 Oakland fire, and 1994 Northridge, California, earthquake were the three most significant disasters. It was estimated that the losses from the Northridge earthquake alone were $1.3 billion.

1998
In September 1998, the Zurich Financial Services Group was created from the merger with the financial services business of B.A.T. Industries through a dual holding structure
2000 to present
2000
In March 2000, the Farmers Exchanges acquired Foremost Corporation of America (Foremost Insurance Group),a leading writer of manufactured homes and a prominent insurer of recreational vehicles, boats and other specialty lines.
In August 2000, Farmers Financial Solutions registered with the U.S. Securities and Exchange Commission as a broker-dealer. Through it, Farmers began offering mutual fund and variable insurance products.

In October 2000, the Zurich structure was simplified and unified under a single Swiss holding company. Allied Zurich and Zurich Allied shares were replaced by shares of the newly incorporated Zurich Financial Services with a primary listing on SWX Swiss Exchange (ticker symbol: ZURN) and a secondary listing in London. Zurich Financial Services American Depositary Receipts (ADRs) are traded on the American Stock Exchange.

2005
In 2005, after Hurricane Rita hit Beaumont, Texas, leaving it without power, Farmers Insurance brought in almost 300 insurance adjusters to assess exterior property damage in order to expedite the reconstruction effort, provided $100,000 for the emergency operations center, and two badly needed megawatt electric generators.
2007
In July 2007, the Farmers Exchanges acquired Bristol West Holdings, Inc., the parent of a group of insurers specializing in non-standard auto insurance, which provides insurance coverage for drivers whose driving records or other problems make obtaining insurance difficult.

During the October 2007 California wildfires, Farmers was one of only a few companies to set up facilities to aid their customers. In addition to writing checks for evacuation costs, damage claims, lodging and meals, the company ran commercials urging their customers to take advantage of these facilities.[13] The company now also has 2 buses serving as Mobile Command Centers,[12][14] This mobile claim center arrived at the Qualcomm Stadium only two days after the fires started.

2009
In April 2009, Farmers announced that it would acquire 21st Century Insurance from AIG for $1.9 billion. The acquisition made Farmers the joint third-largest personal lines insurer in the U.S. The acquired assets included AIG Hawaii.
Operations

A Farmers Agency in Northville, Michigan
The Farmers Exchanges, headquartered in Los Angeles, CA, are three reciprocal insurers or inter-insurance exchanges (Farmers Insurance Exchange, Fire Insurance Exchange and Truck Insurance Exchange) owned by their policyholders. The Farmers Exchanges, directly or through their subsidiaries and affiliates, offer homeowners insurance, auto insurance, commercial insurance, and financial services throughout the United States. Farmers Group, Inc. (dba Farmers Underwriters Association) and its subsidiaries, Truck Underwriters Association and Fire Underwriters Association, provide certain non-claims administrative services for the Farmers Exchanges as their attorneys-in-fact. The Farmers Exchanges do not hold an ownership interest in Farmers Group, Inc., and neither Farmers Group, Inc. nor its ultimate parent, Zurich Financial Services Ltd., a Swiss company, holds an ownership interest in any of the Farmers Exchanges.
The Foremost Insurance Group, headquartered in Grand Rapids, Michigan, is a group of companies that primarily insure specialty products such as mobile homes, motor homes, travel trailers and specialty dwellings, motorcycles, off-road vehicles, boats and personal watercraft. It was founded in 1952 and was acquired by the Farmers Exchanges in March 2000. The Foremost companies are subsidiaries of the Farmers Exchanges.
The Bristol West Insurance Group became a part of Farmers in July 2007. In 1973, it began providing private passenger auto insurance to residents in Florida and now provides liability and physical damage insurance – focusing exclusively on private passenger vehicles – across the United States. The Bristol West companies are subsidiaries of the Farmers Exchanges.
21st Century Insurance, headquartered in Wilmington, Delaware, became a part of Farmers in July 2009. Using the internet and direct response marketing channels, 21st Century markets personal auto insurance to consumers throughout the United States. The 21st Century Insurance companies are subsidiaries of the Farmers Exchanges.
Farmers New World Life Insurance Company started as Catholic Life Insurance Company in Spokane, Washington in 1910. Later that year it was renamed New World Life Insurance Company. In 1953, it was acquired by Farmers Group, Inc. In 1954, its name was changed to the current Farmers New World Life Insurance Company. Farmers New World Life Insurance Company is now based in the Seattle suburb of Mercer Island, Washington. It offers flexible universal life insurance, traditional term life insurance, whole life insurance and annuities. Farmers New World Life Insurance Company is a subsidiary of Farmers Group, Inc.
Farmers Financial Solutions, LLC. was created by the Farmers Exchanges in 2000 to provide financial products to customers.
Products and services[edit]
Farmers' products and services include:

auto insurance;
home insurance, including homeowners, condominium and renters insurance, mobile and manufactured home insurance, specialty home insurance, including landlord and rental properties, seasonal homes, and vacation homes, and flood insurance through the National Flood Insurance Program;
motorcycle insurance;
life insurance, including term, whole and universal life insurance;
recreational insurance, such as insurance for boats, ATVs, RVs, and travel trailers;
business insurance for small and medium-sized businesses, such as liability and property insurance, commercial auto and workers compensation insurance for apartment and commercial property owners, artisan contractors, condominium homeowner associations, retail stores, service providers, offices, religious organizations, educational and non-profit organizations, hotels, motels, bed & breakfasts, and other businesses in the light manufacturing, restaurant, wholesale, and auto service & repair industries; and
financial services and products, such as mutual funds and variable annuities.

Esurance I

Esurance Insurance Services, Inc. is an American insurance company. It sells auto, home, motorcycle, and renters insurance direct to consumers online and by phone. Its primary competitors are other direct personal insurance writers, mainly GEICO and Progressive. Founded in 1999, the company was purchased by Allstate in 2011, and is now a wholly owned subsidiary of Allstate.

Esurance was founded in 1999, and became one of the first insurance companies to sell policies directly to consumers over the internet, instead of using in-person meetings or phone calls.

n 2000, Esurance was acquired by Folksamerica Holding Company, a subsidiary of White Mountains Insurance Group. Esurance, which is based out of San Francisco, had by that time expanded to offering policies in 24 states, but had also just laid off staff and was actively soliciting a purchaser

In 2004, Esurance began to offer multi-car discount packages to same-sex couples, by offering multi-car discounts to any group of people that lived together.[3] The company claims to be one of the first insurers to have offered such packages to same-sex couples. 

In May 2011, Allstate announced that it was purchasing Esurance and rate-comparison site Answer Financial for approximately $1 billion. At the time, Esurance was selling policies in 30 states and was in the midst of a five-year growth period that saw them double the number of policies in force. Allstate, for its part, was losing policy holders to the three major online policy retailers; Esurance, Progressive, and GEICO

llstate's acquisition of Esurance was completed in October of that year. The combined company became the sixth-largest provider of auto insurance policies.[7] In September 2012, White Mountains filed a lawsuit against Allstate alleging that Allstate failed to meet a deadline to produce a financial audit that was part of the sale, and that Allstate deducted $5.2 million in legal expenses from the value of the sale that they were not allowed to deduct by the terms of the agreement.[8]

Marketing

Esurance's first television advertising campaign was launched five years after the company went live.The campaign was aimed at the 18 to 24-year-old male demographic, and had a budget of $60,000, a tiny fraction of the over $1 billion spent on advertisements within the insurance industry. The commercials featured an animated character named Erin Esurance, a pink-haired spy inspired by Sydney Bristow from the television show Alias.[1] The character and campaign were initially well received, leading to over 30 separate advertisements featuring Erin, and a dramatic increase in brand awareness. However, by 2009 industry polling on corporate mascots found Erin had become unpopular with viewers; 30% of viewers found the character annoying - double the industry average - and was below industry average in sincerity and believably.[1] Polling found Erin was less popular than even Microsoft's notorious Clippy character.[9] Additionally, a large number of pornographic images featuring Erin were created, and in some cases sold, by fans of the character. The illustrations became so prevalent that when the character was searched for by name without mature content filters enabled, the vast majority of results were pornographic.

Esurance also markets itself heavily through sports teams and sporting events, where it casts itself as being more environmentally friendly than competitors. The company has sponsored a number of sporting events and teams, including the US Open tennis tournament, the Golden State Warriors, and the San Francisco GiantsIn 2010 Esurance launched a new advertising campaign designed by the firm Duncan/Channon. By this point the company had an advertising budget of $100 million. Set in a fictionalized version of the Esurance office, but featuring actual Esurance employees, the commercials emphasized both the company's high tech platform and the personal touches offered by speaking to employees. The campaign was a deliberate break from focusing the advertisements on the 18-24 male demographic

The new campaign was short lived; In December 2011, Esurance announced another new advertising campaign. It emphasized efficiency and positioned the company as "Insurance for the Modern World"; the target demographic was families and professionals in the 25-49 age group. John Krasinski narrated the commercials, which were developed by ad agency Leo Burnett 

Esurance Protection Administrations, Inc. is an American insurance agency. It offers auto, home, cruiser, and leaseholders protection direct to buyers online and by telephone. Its essential rivals are other direct individual protection scholars, for the most part GEICO and Dynamic. Established in 1999, the organization was obtained by Allstate in 2011, and is currently a completely claimed auxiliary of Allstate. 

Esurance was established in 1999, and got to be one of the main insurance agencies to offer strategies specifically to purchasers over the web, rather than utilizing as a part of individual gatherings or telephone calls. In 2000, Esurance was procured by Folksamerica Holding Organization, a backup of White Mountains Protection Bunch. Esurance, which is based out of San Francisco, had at that point extended to offering strategies in 24 states, however had likewise recently laid off staff and was effectively requesting a buyer The character and battle were at first generally welcomed, prompting more than 30 separate promotions including Erin, and a sensational increment in brand mindfulness. In any case, by 2009 industry surveying on corporate mascots discovered Erin had ended up disliked with viewers; 30% of viewers found the character irritating - twofold the business normal - and was beneath industry normal in earnestness and believably.[1] Surveying discovered Erin was less prevalent than even Microsoft's famous Clippy character. Also, an expansive number of explicit pictures including Erin were createdThe character and battle were at first generally welcomed, prompting more than 30 separate notices highlighting Erin, and a sensational increment in brand mindfulness. Be that as it may, by 2009 industry surveying on corporate mascots discovered Erin had ended up disagreeable with viewers; 30% of viewers found the character irritating - twofold the business normal - and was underneath industry normal in genuineness and believably.[1] Surveying discovered Erin was less mainstream than even Microsoft's famous Clippy character.[9] Moreover, countless pictures including Erin were made In 2010 Esurance propelled another promoting effort planned by the firm Duncan/Channon. By this point the organization had a promoting spending plan of $100 million. Set in a fictionalized form of the Esurance office, however highlighting genuine Esurance workers, the advertisements accentuated both the organization's cutting edge stage and the individual touches offered by addressing representatives.

Bank of America

Bank of America (abbreviated as BoA or BofA) is an American multinational banking and financial services corporation headquartered in Charlotte, North Carolina. It is the second largest bank holding company in the United States by assets.As of 2013, Bank of America is the twenty-first largest company in the United States by total revenue. In 2010, Forbes listed Bank of America as the third biggest company in the world.

Bank of America provides its products and services through operating 5,100 banking centers, 16,300 ATMs, call centers, and online and mobile banking platforms. Its Consumer Real Estate Services segment offers consumer real estate products comprising fixed and adjustable-rate first-lien mortgage loans for home purchase and refinancing needs, home equity lines of credit, and home equity loansThe bank's 2008 acquisition of Merrill Lynch made Bank of America the world's largest wealth management corporation and a major player in the investment banking market.

The history of Bank of America dates back to October 17, 1904,[1] when Amadeo Giannini founded the Bank of Italy in San Francisco. The Bank of Italy served the needs of many immigrants settling in the United States at that time, a service denied to them by the existing American banks who were typically discriminatory and often denied service to all but the wealthiest.

Branch banking was introduced by Giannini shortly after 1909 legislation in California that allowed for branch banking in the state. Its first branch outside San Francisco was established in 1909 in San Jose. By 1929, the bank had 453 banking offices in California with aggregate resources of over US$1.4 billion.There is a replica of the 1909 Bank of Italy branch bank in History Park in San Jose, and the 1925 Bank of Italy Building is an important downtown landmark. Giannini sought to build a national bank, expanding into most of the western states as well as into the insurance industry, under the aegis of his holding company, Transamerica Corporation. In 1953, regulators succeeded in forcing the separation of Transamerica Corporation and Bank of America under the Clayton Antitrust ActThe passage of the Bank Holding Company Act of 1956 prohibited banks from owning non-banking subsidiaries such as insurance companies. Bank of America and Transamerica were separated, with the latter company continuing in the insurance business. However, federal banking regulators prohibited Bank of America's interstate banking activity, and Bank of America's domestic banks outside California were forced into a separate company that eventually became First Interstate Bancorp, later acquired by Wells Fargo and Company in 1996. It was not until the 1980s with a change in federal banking legislation and regulation that Bank of America was again able to expand its domestic consumer banking activity outside California.New technologies also allowed credit cards to be linked directly to individual bank accounts. In 1958, the bank introduced the BankAmericard, which changed its name to Visa in 1977.[26] A consortium of other California banks introduced Master Charge (now MasterCard) to compete with BankAmericard.

Expansion outside California

Following the passage of the Bank Holding Company Act of 1956, BankAmerica Corporation was established for the purpose of owning and operation of Bank of America and its subsidiaries.

Bank of America expanded outside California in 1983 with its acquisition of Seafirst Corporation of Seattle, Washington, and its wholly owned banking subsidiary, Seattle-First National Bank. Seafirst was at risk of seizure by the federal government after becoming insolvent due to a series of bad loans to the oil industry. BankAmerica continued to operate its new subsidiary as Seafirst rather than Bank of America until the 1998 merger with NationsBank.

BankAmerica experienced huge losses in 1986 and 1987 by the placement of a series of bad loans in the Third World, particularly in Latin America. The company fired its CEO, Sam Armacost. Though Armacost blamed the problems on his predecessor, A.W. (Tom) Clausen, Clausen was appointed to replace Armacost. The losses resulted in a huge decline of BankAmerica stock, making it vulnerable to a hostile takeover. First Interstate Bancorp of Los Angeles (which had originated from banks once owned by BankAmerica), launched such a bid in the fall of 1986, although BankAmerica rebuffed it, mostly by selling operations. It sold its FinanceAmerica subsidiary to Chrysler and the brokerage firm Charles Schwab and Co. back to Mr. Schwab. It also sold Bank of America and Italy to Deutsche Bank. By the time of the 1987 stock market crash, BankAmerica's share price had fallen to $8, but by 1992 it had rebounded mightily to become one of the biggest gainers of that half-decade.

An expansion into New York City (right).

The Bank of America Tower in New York City.

BankAmerica's next big acquisition came in 1992. The company acquired its California rival, Security Pacific Corporation and its subsidiary Security Pacific National Bank in California and other banks in Arizona, Idaho, Oregon, and Washington (which Security Pacific had acquired in a series of acquisitions in the late 1980s). This was, at the time, the largest bank acquisition in history. Federal regulators, however, forced the sale of roughly half of Security Pacific's Washington subsidiary, the former Rainier Bank, as the combination of Seafirst and Security Pacific Washington would have given BankAmerica too large a share of the market in that state. The Washington branches were divided and sold to West One Bancorp (now U.S. Bancorp) and KeyBank.[27] Later that year, BankAmerica expanded into Nevada by acquiring Valley Bank of Nevada.Giannini was raised by his mother and stepfather Lorenzo Scatena, as his father was fatally shot over a pay dispute with an employee.[19] When the 1906 San Francisco earthquake struck, Giannini was able to save all deposits out of the bank building and away from the fires. Because San Francisco's banks were in smoldering ruins and unable to open their vaults, Giannini was able to use the rescued funds to commence lending within a few days of the disaster. From a makeshift desk consisting of a few planks over two barrels, he lent money to those who wished to rebuild