Nationwide Mutual Insurance Company: Difference between revisions
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[[Image:Nationwide CIMG7261.JPG|thumb|right|Nationwide sign outside of [[One Nationwide Plaza]].]] |
[[Image:Nationwide CIMG7261.JPG|thumb|right|Nationwide sign outside of [[One Nationwide Plaza]].]] |
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Also in 1934, Farm Bureau Mutual began offering fire insurance. This product grew the following year with the purchase of a struggling fire insurance company. With growth came a need for expansion of office space. In 1936, the company moved to the famous '''246 Building''' at 246 N. High Street in Columbus. By 1943, Farm Bureau Mutual operated in 12 states and the [[District of Columbia]]. Even with the tripling of space in the 246 Building (which was finally dedicated on the 25th anniversary of the company), Farm Bureau Mutual still had insufficient office space, and began opening regional offices in 1951. |
Also in 1934, Farm Bureau Mutual began offering fire insurance. This product grew the following year with the purchase of a struggling fire insurance company. With growth came a need for expansion of office space. In 1936, the company moved to the famous '''246 Building''' at 246 N. High Street in Columbus. By 1943, Farm Bureau Mutual operated in 12 states and the [[District of Columbia]]. Even with the tripling of space in the 246 Building (which was finally dedicated on the 25th anniversary of the company), [[Farm Bureau Mutual]] still had insufficient office space, and began opening regional offices in 1951. |
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In 1955, Farm Bureau Mutual changed its name to '''Nationwide Insurance''', a name by which it's commonly known today. In the 10 years that followed, Nationwide expanded into [[Oregon]], making the company truly "nationwide". It also expanded into 19 other states, bringing the total by 1965 to 32 states and the District of Columbia. |
In 1955, Farm Bureau Mutual changed its name to '''Nationwide Insurance''', a name by which it's commonly known today. In the 10 years that followed, Nationwide expanded into [[Oregon]], making the company truly "nationwide". It also expanded into 19 other states, bringing the total by 1965 to 32 states and the District of Columbia. |
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Nationwide outgrew the 246 Building by the 1970s and work began on a new [[skyscraper]] headquarters for the company. In 1978, [[One Nationwide Plaza]] was completed at the southwest corner of N. High Street and Nationwide Blvd. on the northern edge of downtown Columbus, Ohio. Since 1978, Nationwide has added the following to its presence in Downtown Columbus: Plaza Two (on the northeast corner of High Street and Chestnut), Plaza Three (just west of High Street and Chestnut), Plaza Four (Front Street), and 275 Marconi (behind Plazas One and Three on Marconi Blvd) which together with Plaza One form the primary downtown complex. In addition to downtown Columbus, Nationwide also has a significant presence in the suburbs of Dublin and Grove City. |
Nationwide outgrew the 246 Building by the 1970s and work began on a new [[skyscraper]] headquarters for the company. In 1978, [[One Nationwide Plaza]] was completed at the southwest corner of N. High Street and Nationwide Blvd. on the northern edge of downtown [[Columbus, Ohio]]. Since 1978, Nationwide has added the following to its presence in Downtown Columbus: Plaza Two (on the northeast corner of High Street and Chestnut), Plaza Three (just west of High Street and Chestnut), Plaza Four (Front Street), and 275 Marconi (behind Plazas One and Three on Marconi Blvd) which together with Plaza One form the primary downtown complex. In addition to downtown Columbus, Nationwide also has a significant presence in the suburbs of Dublin and Grove City. |
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Nationwide currently has about 36,000 employees<ref>[http://www.nationwide.com/newsroom/facts-and-figures.jsp Facts and Figures] ''Nationwide.com''</ref>, and is ranked #124 in the most recent Fortune 500.<ref>[http://money.cnn.com/magazines/fortune/fortune500/2009/full_list/101_200.html Fortune 1000.] ''CNN Money.'' 4 May 2009.</ref> |
Nationwide currently has about 36,000 employees<ref>[http://www.nationwide.com/newsroom/facts-and-figures.jsp Facts and Figures] ''Nationwide.com''</ref>, and is ranked #124 in the most recent Fortune 500.<ref>[http://money.cnn.com/magazines/fortune/fortune500/2009/full_list/101_200.html Fortune 1000.] ''CNN Money.'' 4 May 2009.</ref> |
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Revision as of 15:04, 6 October 2010
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| Company type | Mutual |
|---|---|
| Industry | Financial services |
| Founded | 1926 |
| Headquarters | Columbus, Ohio, U.S. |
Key people | Steve Rasmussen, CEO |
| Products | Insurance |
| Revenue |  $21.832 billion USD |
| Website | nationwide.com |
Nationwide Mutual Insurance Company & Affiliated Companies is a group of large U.S. insurance and financial services companies based in Columbus, Ohio. The company also operates regional headquarters in Des Moines, Iowa, and San Antonio, Texas, and Gainesville, Florida.
Nationwide Financial Services, a component of group, was publicly traded on the New York Stock Exchange prior to being purchased by Nationwide Mutual in 2009.[1]
History
Beginnings as Farm Bureau Mutual
On December 17, 1925, the Ohio Farm Bureau Federation incorporated the Farm Bureau Mutual Automobile Insurance Company in Columbus, Ohio. At that time, Ohio law required 100 people to pledge to become policyholders. The first agents managed to recruit ten times that number, and on April 12, 1926, Farm Bureau Mutual started business with 1,000 policyholders.
The first product of the new company, as its name implied, was automobile insurance. The company wrote policies only to Ohio farmers. In 1928, Farm Bureau Mutual began offering policies to West Virginia farmers, followed by Maryland, Delaware, Vermont, and North Carolina. Farm Bureau Mutual began underwriting residents of small towns in 1931, and residents in larger cities in 1934.
Expansion
Also in 1934, Farm Bureau Mutual began offering fire insurance. This product grew the following year with the purchase of a struggling fire insurance company. With growth came a need for expansion of office space. In 1936, the company moved to the famous 246 Building at 246 N. High Street in Columbus. By 1943, Farm Bureau Mutual operated in 12 states and the District of Columbia. Even with the tripling of space in the 246 Building (which was finally dedicated on the 25th anniversary of the company), Farm Bureau Mutual still had insufficient office space, and began opening regional offices in 1951.
In 1955, Farm Bureau Mutual changed its name to Nationwide Insurance, a name by which it's commonly known today. In the 10 years that followed, Nationwide expanded into Oregon, making the company truly "nationwide". It also expanded into 19 other states, bringing the total by 1965 to 32 states and the District of Columbia.
Nationwide outgrew the 246 Building by the 1970s and work began on a new skyscraper headquarters for the company. In 1978, One Nationwide Plaza was completed at the southwest corner of N. High Street and Nationwide Blvd. on the northern edge of downtown Columbus, Ohio. Since 1978, Nationwide has added the following to its presence in Downtown Columbus: Plaza Two (on the northeast corner of High Street and Chestnut), Plaza Three (just west of High Street and Chestnut), Plaza Four (Front Street), and 275 Marconi (behind Plazas One and Three on Marconi Blvd) which together with Plaza One form the primary downtown complex. In addition to downtown Columbus, Nationwide also has a significant presence in the suburbs of Dublin and Grove City.
Nationwide currently has about 36,000 employees[2], and is ranked #124 in the most recent Fortune 500.[3]
Helping Columbus become a major league city
By 1997, the city of Columbus had grown to become the 15th largest city in the United States. However, Columbus by this time was the largest American city without a major professional sports franchise competing in one of the following leagues representing sports traditionally contested in the United States, i.e. those of Major League Baseball, the National Football League, the National Basketball Association, or the National Hockey League. After plans to move the Hartford Whalers to Columbus failed when voters rejected a tax levy, the Nationwide Mutual Insurance Company announced that it would build an arena adjacent to One Nationwide Plaza in an effort to bring an NHL franchise to Columbus. This second effort was successful, and the Columbus Blue Jackets began play at Nationwide Arena in late 2000. Nationwide Arena, named for the company, is the centerpiece of the Arena District, an area of entertainment venues, restaurants, and hotels linking downtown Columbus with The Short North neighborhood.
The Columbus Crew of Major League Soccer were actually the first Major League franchise representing Columbus in the post-war era, and they play at their own stadium, Columbus Crew Stadium, which was the first Soccer-specific stadium built in the United States, opening in 1999. The Crew were one of the original members of the MLS, and recently won their first MLS Cup in 2008.
Nationwide Children's Hospital
On September 24, 2007 Columbus Children's Hospital was rededicated as Nationwide Children's Hospital. This was done in response to a $50 million donation to the hospital by Nationwide. [4]
Nationwide Series
Nationwide became the title sponsor of the NASCAR Nationwide Series beginning in the 2008 season.
Memorial Tournament
On Sept. 3, 2010, Nationwide announced a six-year deal to become the presenting sponsor of the Memorial Tournament beginning with the 2011 event.
Jack Hanna
In March 2010 Nationwide announced that it would be co-sponsoring Columbus Zoo Director Emeritus Jack Hanna's "Into the Wild" TV show and national speaking tour.
Cincinnati Bengals
On August 5, 2010, Nationwide announced that it is now the official insurance provider of the Cincinnati Bengals.
The Companies
Nationwide is one of the largest insurance and financial services companies in the world, focusing on domestic property and casualty insurance, life insurance and retirement savings, asset management, and strategic investments.
The Nationwide family includes:
Property and Casualty
- Nationwide Mutual Insurance Company
- Nationwide Mutual Fire Insurance Company
- Nationwide Property and Casualty Insurance Company
- Nationwide General Insurance Company
- Nationwide Insurance Company of America
- Nationwide Affinity Insurance Company of America
- Nationwide Insurance Company of Florida
- Nationwide Lloyds
- Colonial County Mutual Insurance Company
- Nationwide Assurance Company
- Insurance Intermediaries, Inc.
- Allied Property and Casualty Insurance Company
- AMCO Insurance Company
- Depositors Insurance Company
- Nationwide Agribusiness Insurance/Farmland Mutual Insurance Company
- THI Holdings (Delaware), Inc.
Titan Indemnity Company, Titan Insurance Company, Victoria Fire & Casualty Company, Victoria Select Insurance Company, Victoria Automobile Insurance Company, Victoria National Insurance Company, Victoria Specialty Insurance Company,
- Scottsdale Insurance Company
National Casualty Company, Scottsdale Indemnity Company, Scottsdale Surplus Lines Insurance, Company Western Heritage Insurance Company.
Mortgage
- Nationwide Advantage Mortgage
Life Insurance and Retirement Savings
- Nationwide Financial Services Inc.
- National Deferred Compensation, Inc.
- Nationwide Trust Company, FSB
- NFS Distributors, Inc.
- Pension Associates, Inc.
- Nationwide Financial Institution Distributors Agency, Inc.
- Nationwide Financial Services (Bermuda), Ltd.
- Financial Horizons Distributors Agency of Alabama, Inc.
- Financial Horizons Distributors Agency of Ohio, Inc.
- Financial Horizons Distributors Agency of Oklahoma, Inc.
- Financial Horizons Distributors Agency of Texas, Inc.
- Nationwide Financial Institution
- Distributors Insurance Agency, Inc. of Mass.
- Nationwide Financial Institution
- Distributors Agency, Inc. of New Mexico
- Nationwide Financial Network
- 1717 Capital Management
- Nationwide Securities, Inc.
- Nationwide Life and Annuity Insurance Company
- Nationwide Life Insurance Company
- Nationwide Retirement Solutions
- Nationwide Retirement Solutions, Inc. of Alabama
- Nationwide Retirement Solutions, Inc. of Arizona
- Nationwide Retirement Solutions, Inc. of Arkansas
- Nationwide Retirement Solutions, Inc. of Montana
- Nationwide Retirement Solutions, Inc. of Nevada
- Nationwide Retirement Solutions, Inc. of New Mexico
- Nationwide Retirement Solutions, Inc. of Ohio
- Nationwide Retirement Solutions, Inc. of Oklahoma
- Nationwide Retirement Solutions, Inc. of So. Dakota
- Nationwide Retirement Solutions, Inc. of Texas
- Nationwide Retirement Solutions, Inc. of Wyoming
- Nationwide Retirement Solutions, Ins. Agency, Inc.
- The 401(k) Company (Sold lately)
401(k) Investment Services, Inc., 401(k) Investment Advisors, Inc., Riverview Agency, Inc.
- Financial Settlement Services Agency, Inc.
- Nationwide Investment Services Corporation
- TBG Financial
Asset Management
- Gartmore Group (divested over the period 2006-2008, except for US-based mutual funds)
Coda Capital Management LLC, Gartmore Distribution Services, Inc., Corviant Corporation, Gartmore Global Asset Management Trust, Gartmore Global Partners, Gartmore Investors Services, Inc., Gartmore Morley capital Management, Inc., Gartmore Mutual Fund Capital Trust, Gartmore Mutual Funds, Gartmore Mutual Funds II, Inc., Gartmore SA Capital Trust, Gartmore Separate Accounts, LLC, Gartmore Trust Company, Gartmore Variable Insurance Trust, NorthPoint Capital, LLC., Riverview Alternative Investment Advisors, LLC.
Strategic Investments
- GatesMcDonald & Company
GatesMcDonald HealthPlus, Inc., MedProSolutions, Inc.
- Nationwide Advantage Mortgage Company
Nationwide Health Plans, Nationwide Management Systems, Nationwide Life Insurance Company (Employee Group Life & Health), Nationwide Mutual (Group Health), National Casualty (Group Health),
- Nationwide Global Holdings
- Nationwide Mutual Capital
In Texas, products are supported by:
- Allied Property and Casualty Insurance Company
- Colonial County Mutual Insurance Company
- Depositors Insurance Company
- Farmland Mutual Insurance Company
- National Casualty Company
- Nationwide Affinity Insurance Company of America
- Nationwide Agribusiness Insurance Company
- Nationwide General Insurance Company
- Nationwide Insurance Company of America
- Nationwide Mutual Fire Insurance Company
- Nationwide Property and Casualty Insurance Company
- Scottsdale Indemnity Company
- Nationwide Assurance Company
- Nationwide Securities, Inc.
- Nationwide Financial Services, Inc.
- Nationwide Lloyds
- NASCAR Nationwide Series
Additionally, Nationwide Communications, a broadcasting company that owned radio station WNCI, was once owned by Nationwide.
Diversity
Since 2004, Nationwide has continuously received a 100% rating each year on the Corporate Equality Index, which is released by the gay rights activist group Human Rights Campaign. Nationwide includes “sexual orientation” and “gender identity” in its equal employment opportunity policy, and provides diversity training to its employees on sexual orientation.[citation needed]
In 2008 Nationwide entered into an exclusive partnership with Tavis Smiley, including sponsorship of Smiley’s PBS television program as a provider of property and casualty insurance products.
Nationwide was also a national sponsor of the 2009 State of the Black Union event.
Mobile claims applications: Nationwide Mobile and Cartopia
Nationwide has released two iPhone applications: Nationwide Mobile and Cartopia. Nationwide Mobile was cited by Advertising Age as one of the top branded iPhone apps of 2009 in a Dec. 14, 2009 article.
On April 22, 2009, Nationwide released Nationwide Mobile, a free iPhone application for Nationwide auto insurance customers and other iPhone users. The app is designed to assist drivers with the steps to take after an accident. It also helps Nationwide customers start the claims process, finds Nationwide-certified local repair shops, and facilitates the exchange of accident and insurance information. With the release of Nationwide Mobile, Nationwide asserted that it was the first insurance company to offer a claims application for a mobile device.
Cartopia, Nationwide's second iPhone app, was released on Dec. 16, 2009. Cartopia helps car shoppers compare makes and models using the criteria most important to them, including safety ratings, gas mileage, color, total cost of ownership, etc. It also allows users to research invoice prices and trade-in values, provides up to six used-vehicle histories a month and offers info on loan rates from Nationwide Bank.
CEOs
| CEO | Years Served |
|---|---|
| Lee B. Palmer | 1926 - 1928 |
| George L. Cooley | 1928 - 1939 |
| Murray Lincoln | 1939 - 1964 |
| Bowman Doss | 1964 - 1969 |
| George Dunlap | 1969 - 1972 |
| Dean Jeffers | 1972 - 1981 |
| John Fisher | 1981 - 1992 |
| Dimon McPherson | 1992 - 2000 |
| Jerry Jurgensen | 2001 - 2009 |
| Steve Rasmussen | 2009 - Present |
See also
References
- ^ Nationwide. Nationwide Mutual Completes Nationwide Financial Services Transaction. Press release.
- ^ Facts and Figures Nationwide.com
- ^ Fortune 1000. CNN Money. 4 May 2009.
- ^ Rededication Celebrations