American National Insurance Company
Encyclopedia
American National Insurance Company is a major American
insurance
corporation
based in Galveston, Texas
. The company and its subsidiaries operate in all 50 U.S. states, the District of Columbia, Puerto Rico
, and American Samoa
.
Today the company offers a wide array of insurance products and services including life insurance, annuities
, health insurance, property and casualty insurance, credit insurance
, and pension plan services. Through its subsidiary, ANREM, the company founded and developed the large-scale housing development, South Shore Harbour, in League City, Texas
.
Although a publicly traded company
, the majority of the stock continues to be controlled by the Moody family through the Moody Foundation
and Libby Shearn Moody Trust, which are administered by the trust department
of the family owned Moody National Bank
.
. In addition, its records are audited by KPMG
as well as the major financial rating agencies. The ratings reflect the company’s capitalization, operating performance and liquidity. American National was listed in Forbes Magazine in its "100 Most Trustworthy Companies" list for 2009.
of Galveston when organized crime
bosses Sam
and Rosario Maceo
controlled much of the island. The Maceos are known to have had significant involvement with the company and, through their influence, the corporation had other questionable dealings with figures such as Cleveland
mob
boss Moe Dalitz
and Teamsters
boss Jimmy Hoffa
. In fact, one of the company's lawyer
s during this period, St. Louis
attorney Morris Shenker
, was described by the Federal Bureau of Investigation
as the highest paid mob attorney in the nation. The company became heavily involved in financing the early development of Las Vegas, Nevada
, lent millions to mob figures, and was the subject of an investigation by the U.S. government. The investigation was ultimately dropped.
29.307°N 94.7899°W
United States
The United States of America is a federal constitutional republic comprising fifty states and a federal district...
insurance
Insurance
In law and economics, insurance is a form of risk management primarily used to hedge against the risk of a contingent, uncertain loss. Insurance is defined as the equitable transfer of the risk of a loss, from one entity to another, in exchange for payment. An insurer is a company selling the...
corporation
Corporation
A corporation is created under the laws of a state as a separate legal entity that has privileges and liabilities that are distinct from those of its members. There are many different forms of corporations, most of which are used to conduct business. Early corporations were established by charter...
based in Galveston, Texas
Galveston, Texas
Galveston is a coastal city located on Galveston Island in the U.S. state of Texas. , the city had a total population of 47,743 within an area of...
. The company and its subsidiaries operate in all 50 U.S. states, the District of Columbia, Puerto Rico
Puerto Rico
Puerto Rico , officially the Commonwealth of Puerto Rico , is an unincorporated territory of the United States, located in the northeastern Caribbean, east of the Dominican Republic and west of both the United States Virgin Islands and the British Virgin Islands.Puerto Rico comprises an...
, and American Samoa
American Samoa
American Samoa is an unincorporated territory of the United States located in the South Pacific Ocean, southeast of the sovereign state of Samoa...
.
Company description
American National was founded in 1905 by Galveston businessman William Lewis Moody, Jr.William Lewis Moody, Jr.
William Lewis Moody Jr. was an American financier and entrepreneur from Galveston, Texas, who founded a private bank, an insurance company, and one of the largest charitable foundations in the United States. Moody was active in the day-to-day operations of his companies until two days before his...
Today the company offers a wide array of insurance products and services including life insurance, annuities
Annuity (finance theory)
The term annuity is used in finance theory to refer to any terminating stream of fixed payments over a specified period of time. This usage is most commonly seen in discussions of finance, usually in connection with the valuation of the stream of payments, taking into account time value of money...
, health insurance, property and casualty insurance, credit insurance
Credit insurance
Credit insurance is a term used to describe both business credit insurance and consumer credit insurance, e.g., credit life insurance, credit disability insurance Credit insurance is a term used to describe both business credit insurance (a.k.a. trade credit insurance) and consumer credit...
, and pension plan services. Through its subsidiary, ANREM, the company founded and developed the large-scale housing development, South Shore Harbour, in League City, Texas
League City, Texas
League City is a city in Galveston County and Harris County in the U.S. state of Texas, within the metropolitan area. As of the 2000 U.S. Census, the city population was 45,444; in the 2006 census estimate, the population was listed as 67,200. The 2010 Census places the population of League City...
.
Although a publicly traded company
Public company
This is not the same as a Government-owned corporation.A public company or publicly traded company is a limited liability company that offers its securities for sale to the general public, typically through a stock exchange, or through market makers operating in over the counter markets...
, the majority of the stock continues to be controlled by the Moody family through the Moody Foundation
Moody Foundation
The Moody Foundation is a charitable foundation incorporated in Texas and based in the island city of Galveston. It was chartered in 1942 by William Lewis Moody, Jr...
and Libby Shearn Moody Trust, which are administered by the trust department
Trust company
A trust company is a corporation, especially a commercial bank, organized to perform the fiduciary of trusts and agencies. It is normally owned by one of three types of structures: an independent partnership, a bank, or a law firm, each of which specializes in being a trustee of various kinds of...
of the family owned Moody National Bank
Moody National Bank
Moody National Bank is a nationally chartered bank, founded in 1907, that is based in Galveston, Texas, USA.With assets of nearly $1 billion dollars Moody Bank is one of oldest and largest privately owned Texas-based banks. Its trust department, established in 1927, administers over $15.5 billion...
.
Financial ratings
American National is subject to insurance regulation and examination by all 50 states as well as federal entities like the U.S. Securities and Exchange Commission (SEC) and Federal Trade CommissionFederal Trade Commission
The Federal Trade Commission is an independent agency of the United States government, established in 1914 by the Federal Trade Commission Act...
. In addition, its records are audited by KPMG
KPMG
KPMG is one of the largest professional services networks in the world and one of the Big Four auditors, along with Deloitte, Ernst & Young and PwC. Its global headquarters is located in Amstelveen, Netherlands....
as well as the major financial rating agencies. The ratings reflect the company’s capitalization, operating performance and liquidity. American National was listed in Forbes Magazine in its "100 Most Trustworthy Companies" list for 2009.
- A. M. Best Company: A (Excellent)
- Standard and Poor's: AA- (Very Strong)
Subsidiaries
- National Western Life insurance company
- American National Property And Casualty Companyhttp://www.anpac.com
- Farm Family Insurance Companyhttp://www.farmfamily.com
- Farm Family Casualty Insurance Company
- Standard Life and Accident Insurance Companyhttp://www.slaico.com
- Garden State Life Insurance CompanyGarden State Life Insurance CompanyGarden State Life Insurance Company is a small direct life insurance company located in League City, Texas. It is a wholly owned subsidiary of the Galveston, Texas based American National Insurance Company....
- American National Life Insurance Company of Texas
- Securities Management and Research, Inc.http://www.smrinvest.com
Corporate governance
Board of directors
- Robert L. Moody (Chairman and Chief Executive Officer)
- Frances Anne Moody-Dahlberg
- Russell S. Moody
- William L. Moody, IV
- G. Richard Ferdinandtsen (President and Chief Operating Officer)
- James D. Yarbrough
- Shelbey M. Elliot
- Frank P. Williamson
- Arthur O. Dummer
- Irwin M. Herz, Jr.
- R. Eugene Lucas
- E. Douglas McLeod
Early controversy
American National's earlier history involved some controversy. The company's early growth occurred largely during the open eraFree State of Galveston
The Free State of Galveston was a whimsical name given to the island city of Galveston in the U.S. state of Texas during the early-to-mid-20th century. Today, the term is sometimes used to describe the culture and history of that era...
of Galveston when organized crime
Organized crime
Organized crime or criminal organizations are transnational, national, or local groupings of highly centralized enterprises run by criminals for the purpose of engaging in illegal activity, most commonly for monetary profit. Some criminal organizations, such as terrorist organizations, are...
bosses Sam
Sam Maceo
Salvatore Maceo, also known as Sam Maceo, was a businessman, community leader, and organized crime boss in Galveston, Texas in the United States. Because of his efforts, Galveston Island became a nationally known resort town during the early and mid 20th century, a period known as Galveston's Open...
and Rosario Maceo
Rosario Maceo
Rosario Maceo , also known as Papa Rose or Rose Maceo, was a Sicilian immigrant and organized crime boss in Galveston, Texas in the United States. Because of his efforts and those of his brother Sam, Galveston Island became a nationally known resort town during the early and mid 20th century,...
controlled much of the island. The Maceos are known to have had significant involvement with the company and, through their influence, the corporation had other questionable dealings with figures such as Cleveland
Cleveland, Ohio
Cleveland is a city in the U.S. state of Ohio and is the county seat of Cuyahoga County, the most populous county in the state. The city is located in northeastern Ohio on the southern shore of Lake Erie, approximately west of the Pennsylvania border...
mob
American Mafia
The American Mafia , is an Italian-American criminal society. Much like the Sicilian Mafia, the American Mafia has no formal name and is a secret criminal society. Its members usually refer to it as Cosa Nostra or by its English translation "our thing"...
boss Moe Dalitz
Moe Dalitz
Morris Barney "Moe" Dalitz was a Jewish American bootlegger, racketeer, casino owner and philanthropist who was one of the major figures who helped shape Las Vegas, Nevada in the 20th century. He was often referred to as Mr...
and Teamsters
Teamsters
The International Brotherhood of Teamsters is a labor union in the United States and Canada. Formed in 1903 by the merger of several local and regional locals of teamsters, the union now represents a diverse membership of blue-collar and professional workers in both the public and private sectors....
boss Jimmy Hoffa
Jimmy Hoffa
James Riddle "Jimmy" Hoffa was an American labor union leader....
. In fact, one of the company's lawyer
Lawyer
A lawyer, according to Black's Law Dictionary, is "a person learned in the law; as an attorney, counsel or solicitor; a person who is practicing law." Law is the system of rules of conduct established by the sovereign government of a society to correct wrongs, maintain the stability of political...
s during this period, St. Louis
St. Louis, Missouri
St. Louis is an independent city on the eastern border of Missouri, United States. With a population of 319,294, it was the 58th-largest U.S. city at the 2010 U.S. Census. The Greater St...
attorney Morris Shenker
Morris Shenker
Morris A. Shenker was an American lawyer best known for his connections to labor leader Jimmy Hoffa and Teamster funding of Las Vegas in the 1960s....
, was described by the Federal Bureau of Investigation
Federal Bureau of Investigation
The Federal Bureau of Investigation is an agency of the United States Department of Justice that serves as both a federal criminal investigative body and an internal intelligence agency . The FBI has investigative jurisdiction over violations of more than 200 categories of federal crime...
as the highest paid mob attorney in the nation. The company became heavily involved in financing the early development of Las Vegas, Nevada
Las Vegas, Nevada
Las Vegas is the most populous city in the U.S. state of Nevada and is also the county seat of Clark County, Nevada. Las Vegas is an internationally renowned major resort city for gambling, shopping, and fine dining. The city bills itself as The Entertainment Capital of the World, and is famous...
, lent millions to mob figures, and was the subject of an investigation by the U.S. government. The investigation was ultimately dropped.
See also
- Free State of GalvestonFree State of GalvestonThe Free State of Galveston was a whimsical name given to the island city of Galveston in the U.S. state of Texas during the early-to-mid-20th century. Today, the term is sometimes used to describe the culture and history of that era...
- Galveston, TexasGalveston, TexasGalveston is a coastal city located on Galveston Island in the U.S. state of Texas. , the city had a total population of 47,743 within an area of...
- Moody FoundationMoody FoundationThe Moody Foundation is a charitable foundation incorporated in Texas and based in the island city of Galveston. It was chartered in 1942 by William Lewis Moody, Jr...
- Moody GardensMoody GardensMoody Gardens is a tourist complex in Galveston, Texas. It is owned, through a complex agreement, by the City of Galveston but funded, operated, and supported by the multi-billion dollar Moody Foundation....
- Moody National BankMoody National BankMoody National Bank is a nationally chartered bank, founded in 1907, that is based in Galveston, Texas, USA.With assets of nearly $1 billion dollars Moody Bank is one of oldest and largest privately owned Texas-based banks. Its trust department, established in 1927, administers over $15.5 billion...
- National Western Life insurance company
External links
29.307°N 94.7899°W