Pacific Life
Encyclopedia
Life insurance
Life insurance is a contract between an insurance policy holder and an insurer, where the insurer promises to pay a designated beneficiary a sum of money upon the death of the insured person. Depending on the contract, other events such as terminal illness or critical illness may also trigger...
products, annuities, and mutual funds, and offers to individuals, businesses, and pension plans a variety of investment products and services. Pacific Life also counts more than half of the 100 largest U.S. companies as clients.
History
Pacific Mutual Life was founded in 1868 by former California Governor Leland StanfordLeland Stanford
Amasa Leland Stanford was an American tycoon, industrialist, robber baron, politician and founder of Stanford University.-Early years:...
in Sacramento, CA. Stanford also was the first policy holder of the company. After Stanford died and his university (Stanford University
Stanford University
The Leland Stanford Junior University, commonly referred to as Stanford University or Stanford, is a private research university on an campus located near Palo Alto, California. It is situated in the northwestern Santa Clara Valley on the San Francisco Peninsula, approximately northwest of San...
)was strapped for money, his wife used the money from the policy to pay for professors. Starting in 1885, Pacific Mutual Life began issuing accident insurance, this was an innovative move for a life insurance company at the time. In 1906, Pacific Mutual Life merged with Conservative Life, a Los Angeles, CA based life insurance company. Following the San Francisco, CA fires and earthquake of 1906, Pacific Mutual Life's Board of Directors moved the company to Los Angeles, CA. During the Great Depression
Great Depression
The Great Depression was a severe worldwide economic depression in the decade preceding World War II. The timing of the Great Depression varied across nations, but in most countries it started in about 1929 and lasted until the late 1930s or early 1940s...
, the company was hit with hard times and in 1936 in an effort to save both the policy holders and the company the Insurance Commissioner, Samuel L. Carpenter, encouraged the policy holders to become part owners of the company through mutualization. In 1955, Pacific Mutual Life became the first company west of the Mississippi River
Mississippi River
The Mississippi River is the largest river system in North America. Flowing entirely in the United States, this river rises in western Minnesota and meanders slowly southwards for to the Mississippi River Delta at the Gulf of Mexico. With its many tributaries, the Mississippi's watershed drains...
to use the brand new technology of Univac I. At Pacific Mutual Life's one hundredth birthday the company celebrated with keynote speaker, Ronald Reagan
Ronald Reagan
Ronald Wilson Reagan was the 40th President of the United States , the 33rd Governor of California and, prior to that, a radio, film and television actor....
. In 1971, the company started Pacific Investment Management Company (PIMCO). The company moved its headquarters to their current Newport Beach, CA location in 1972 when management decided that Newport Beach would provide a higher standard of living for their families. In 1997, the company dropped mutual from its name, changing it to Pacific Life Insurance Company. This reflects the company structure's change from a mutual ownership to a mutual holding company structure. Also in 1997, the company adopted the humpback whale
Humpback Whale
The humpback whale is a species of baleen whale. One of the larger rorqual species, adults range in length from and weigh approximately . The humpback has a distinctive body shape, with unusually long pectoral fins and a knobbly head. It is an acrobatic animal, often breaching and slapping the...
as symbol of the company because of the whale's persistence, performance, and strength
Sponsorships
- Pacific Life Pacific 10 Conference Men's Basketball Tournament (2003–present)
- Pacific Life Holiday BowlHoliday BowlThe Holiday Bowl is a post-season NCAA-sanctioned Division I-A college football bowl game that has been played annually at Qualcomm Stadium in San Diego, California, since 1978. Beginning with the 2010 playing the bowl will officially be known as the Bridgepoint Education Holiday Bowl after...
(2002–2009), now Bridgepoint Education Holiday Bowl - Pacific Life Open (2002–2008), now BNP Paribas Open