United American Insurance Company
 | |
| Subsidiary of Torchmark Corporation | |
| Industry | Life insurance |
| Founded | 1947 |
| Founder | C.L. Dunlap |
| Headquarters | McKinney, Texas |
Area served |
United States District of Columbia |
Key people | Vern D. Herbel, CEO |
| Products |
supplemental health and life insurance |
| Website | http://www.unitedamerican.com |
United American Insurance Company (UA), based in McKinney, Texas, provides supplemental life, health, and accident coverage. UA was founded in 1947. Today, UA operates in 49 states, the District of Columbia, and has approximately 1,000 people working in the Home Office. UA New York, our individual insurance business, is conducted through United American's subsidiary, First United American Life Insurance Company. An independent Agent system is employed to deliver life and Medicare supplement coverages to customers living in this state. The company is a wholly owned subsidiary of Torchmark Corporation (NYSE: TMK), based in McKinney, Texas.
History
United American had one employee when it began in 1947 – C.L. Dunlap, Founder and President. During the first year of operation, two more people came on board – W.H. Coleman Jr., a CPA, and Kay Holt, their secretary. Later, they were joined by J.A. Graham, then R.B. Donovan in 1951. This team of leaders charted a course of step-by-step development and expansion. In 1955, United American moved into The Insurance Center, located in downtown Dallas. When Medicare was signed into law in 1966, the company made the decision to focus its attention on the individual health market with an emphasis on Seniors.
In 1976, the company began searching for a new home office to accommodate its 400 employees. Within a year, staff started transitioning into the East Building in Dallas. In 1981, United American became a member of Torchmark Corporation, a financial services holding company listed on the New York Stock Exchange. Now with 500 employees, United American realized space for future growth was essential, so in 1996, the company moved 30 miles north of Dallas to McKinney. Ten years later, Torchmark announced the relocation of its corporate headquarters from Birmingham, Alabama to McKinney. United American is one of the largest nationwide underwriters of individual Medicare Supplement insurance.[1]
For more than 35 consecutive years, United American has earned the A+ (Superior) Financial Strength Rating from A.M. Best Company (as of June 2014). UA is also rated AA- “Very Strong” for Financial Strength by Standard & Poor's (as of July 2013).
United American has more than $1.6 billion in assets (as of December 2013). The company has more than $778 million of insurance in force and more than 500,000 policies in force (as of December 2013).
CEO
Vern D. Herbel began his career with Torchmark's Globe Life And Accident Insurance Company in 1986. He was promoted to Executive Vice President of United American in 2002, then President of United American Insurance Company in 2004. Since 2004, Herbel has served as Chief Executive Officer at United American Insurance Company. He has also been the Chief Administrative Officer and Executive Vice President of Torchmark Corp. since April 12, 2006.
References
- ↑ NAIC Medicare Supplement Loss Ratios, 2010 Medicare Supplement Insurance Experience Reports, June 2011