Fred Loya Insurance

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Fred Loya Insurance Company
Type Private
Industry Insurance
Founded El Paso, Texas, U.S. (1975)
Founders Fred Loya
Headquarters El Paso, Texas, U.S.
Number of locations 361 agencies[1]
Area served California, Colorado, Illinois, Nevada, New Mexico, Texas, Georgia, Missouri, Alabama, Arizona,
Key people Fred Loya, President & CEO
Products Auto insurance
Revenue IncreaseUS$506.3 million (2012)[2]
Employees 2,731
Website fredloya.com

Fred Loya Insurance is a car insurance company headquartered in El Paso, Texas.[3] As of 2010 the company had 2,700 employees in California, Colorado, Illinois, New Mexico, Nevada and Texas.[4] It is the 19th largest Hispanic-owned company in the country.[2]

The company is owned by Fred Loya, a Hispanic American who had originally worked as a cattle rancher. Loya began selling insurance in 1975.[4] In 2008 Loya consolidated three San Antonio, Texas claims centers into one.[5] Loya is famous for his Christmas light displays.

History and current company structure[edit]

Fred Loya Insurance Corporate Office

Fred Loya a former cattle rancher started Loya Insurance Group in 1974. It began as a single store front office and has since expanded to more than 361 agencies across six states California, Colorado, Illinois, New Mexico, Nevada and Texas.[1]

The Loya Insurance Group agencies are located in multiple types of locations such as shopping centers, grocery stores, street corners, and office buildings. The agencies are in both small and large towns and cities and focus on being in places where the people go on a regular basis.[1]

Some places that the agencies are located include:

  • Wal-Mart Super Stores
  • Fiesta Marts
  • Big 8 Food Source stores
  • Liborio Supermarkets
  • Fiesta Whole Food
  • Superior
  • Cardenas

Fines and Lawsuits[edit]

In 2012 Loya was fined $300,000 for violating state insurance laws in Texas after insurance regulators determined the auto insurance company used false advertising, and did not follow the company's filed criteria for policy discounts to customers.[6]

A proposed class-action lawsuit has been filed against Fred Loya Insurance Agency, and Loya Casualty Insurance Company. In this lawsuit, Plaintiffs contend that Loya did not comply with the requirements under California law for payment of wages. If successful, a class action allows former and current employees to receive back wages that are owed to them. [7]

References[edit]

  1. ^ a b c "Loya Health Insurance Company review". 
  2. ^ a b "El Paso's 28 companies second in nation for Hispanic Business 500". 
  3. ^ "Contact Us." (Archive) Fred Loya Insurance. Retrieved on August 9, 2012. "Corporate Headquarters 1800 Lee Trevino El Paso, Texas 79936."
  4. ^ a b Crawford, Jenn. "Hispanic Entrepreneur profile: Cattle rancher became insurance giant Fred Loya." El Paso Times. January 3, 2010. Retrieved on August 9, 2010.
  5. ^ Poling, Travis. "Fred Loya to merge 3 S.A. claims centers." San Antonio Express-News. January 15, 2008. Business Page 01E. Retrieved on August 9, 2010.
  6. ^ Kolenk, Vic "Fred Loya Insurance Co. fined $300,000 for violating state insurance laws." El Paso Times. June 20th, 2012. Retrieved on June 27th, 2013.
  7. ^ Law Offices of Thomas W. Falvey. "Loya Insurance Agency Case". Retrieved on June 27th, 2013.

External links[edit]