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American National Insurance Company
American National Insurance Company (ANICO) is a major American insurance corporation based in Galveston, Texas. The company and its subsidiaries operate in all 50 U.S. states and Puerto Rico. Brookfield Reinsurance acquired the American National Insurance Company on May 22, 2022.
American National was founded in 1905 by Galveston businessman William Lewis Moody Jr. Today the company offers a wide array of insurance products and services including annuities, pension risk transfer, and property and casualty insurance including farm, ranch, business, collector car, auto, recreational, and renters insurance products.
In August 2021, Brookfield Asset Management announced that it had agreed to acquire American National for $5.1 billion. The acquisition was completed in May 2022.
American National Insurance Company, founded in Texas in 1905, traces its origins to William Lewis Moody, Jr., a businessman who thrived in cotton and banking before turning to insurance. In 1904, he became president of American National Insurance and Trust Company, relocating its headquarters to Galveston. The following year, he founded American National Insurance Company, launching with $100,000 in capital and $20,000 surplus. Moody believed in reinvesting profits for growth, delaying dividend payments in the company’s early years.
Within five years, American National’s assets surpassed $1 million, and by 1910, insurance in force grew from $2.1 million to $22 million. In 1913, the company moved into an 11-story office building. Premium revenues surged in the 1920s, fueled by acquisitions and the deadly 1918-19 influenza epidemic. By 1928, the company had absorbed 27 insurers, employed 500 staff, and expanded assets to $38 million. Despite the Great Depression, American National avoided layoffs and maintained profitability, growing assets by 37% from 1930 to 1935. By 1939, its assets reached $82 million, with insurance in force totaling $777 million.
World War II brought rapid growth, and in 1942, American National became the first Texas insurer to surpass $100 million in assets. In 1950, it expanded into accident insurance by acquiring Commonwealth Life and Accident Insurance Company. By 1954, after nearly 50 years of leadership, Moody died, leaving the company to his daughter, Mary Moody Northen. By 1959, insurance in force reached $5 billion.
The late 1950s saw governance challenges, leading to state intervention in the Moody Foundation’s board structure. Leadership changes followed, with W.L. Volger taking the presidency in 1961, succeeded by R.A. Forbush in 1963. Under their guidance, American National diversified, acquiring Securities Management & Research, Inc. (SM&R) and entering financial services. By 1968, insurance in force hit $10 billion.
In 1969, Phil B. Noah became president, overseeing acquisitions including Equitable Insurance Company of Texas. By 1971, the company completed its 20-story headquarters in Galveston. In 1973, American National launched American National Property and Casualty Company (ANPAC), expanding into multiple insurance lines. Legal battles over Moody Foundation management ensued, ultimately returning control to the Moody family.
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American National Insurance Company
American National Insurance Company (ANICO) is a major American insurance corporation based in Galveston, Texas. The company and its subsidiaries operate in all 50 U.S. states and Puerto Rico. Brookfield Reinsurance acquired the American National Insurance Company on May 22, 2022.
American National was founded in 1905 by Galveston businessman William Lewis Moody Jr. Today the company offers a wide array of insurance products and services including annuities, pension risk transfer, and property and casualty insurance including farm, ranch, business, collector car, auto, recreational, and renters insurance products.
In August 2021, Brookfield Asset Management announced that it had agreed to acquire American National for $5.1 billion. The acquisition was completed in May 2022.
American National Insurance Company, founded in Texas in 1905, traces its origins to William Lewis Moody, Jr., a businessman who thrived in cotton and banking before turning to insurance. In 1904, he became president of American National Insurance and Trust Company, relocating its headquarters to Galveston. The following year, he founded American National Insurance Company, launching with $100,000 in capital and $20,000 surplus. Moody believed in reinvesting profits for growth, delaying dividend payments in the company’s early years.
Within five years, American National’s assets surpassed $1 million, and by 1910, insurance in force grew from $2.1 million to $22 million. In 1913, the company moved into an 11-story office building. Premium revenues surged in the 1920s, fueled by acquisitions and the deadly 1918-19 influenza epidemic. By 1928, the company had absorbed 27 insurers, employed 500 staff, and expanded assets to $38 million. Despite the Great Depression, American National avoided layoffs and maintained profitability, growing assets by 37% from 1930 to 1935. By 1939, its assets reached $82 million, with insurance in force totaling $777 million.
World War II brought rapid growth, and in 1942, American National became the first Texas insurer to surpass $100 million in assets. In 1950, it expanded into accident insurance by acquiring Commonwealth Life and Accident Insurance Company. By 1954, after nearly 50 years of leadership, Moody died, leaving the company to his daughter, Mary Moody Northen. By 1959, insurance in force reached $5 billion.
The late 1950s saw governance challenges, leading to state intervention in the Moody Foundation’s board structure. Leadership changes followed, with W.L. Volger taking the presidency in 1961, succeeded by R.A. Forbush in 1963. Under their guidance, American National diversified, acquiring Securities Management & Research, Inc. (SM&R) and entering financial services. By 1968, insurance in force hit $10 billion.
In 1969, Phil B. Noah became president, overseeing acquisitions including Equitable Insurance Company of Texas. By 1971, the company completed its 20-story headquarters in Galveston. In 1973, American National launched American National Property and Casualty Company (ANPAC), expanding into multiple insurance lines. Legal battles over Moody Foundation management ensued, ultimately returning control to the Moody family.