Globe Life and Accident Insurance Company

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Globe Life And Accident Insurance Company
Subsidiary of Torchmark Corporation
Industry Life insurance
Founded 1951
Founder Ralph Reece
John Singletary
Headquarters Oklahoma City, Oklahoma
Area served
United States
Key people
Bill Leavell, President
Products Life Insurance and
supplemental health
Website http://www.globelifeinsurance.com

Globe Life And Accident Insurance Company, based in Oklahoma City, Oklahoma, provides life and health insurance coverage nationwide. Globe Life is the largest issuer of ordinary individual life insurance policies in the U.S. since 2003 (as reported by credit rating agency AM Best based on number of policies).[1] Globe Life And Accident Insurance Company (hereafter referred to as "Globe," "Globe Life," or "The Company") was founded in 1951. The Company’s executive offices are housed in Oklahoma City and McKinney, TX. Globe Life has more than 3.9 million policyholders (as of August 2013).[citation needed] The Company has over $66 billion of insurance in force (as of August 2013).[citation needed] The Company is a wholly owned subsidiary of Torchmark Corporation (NYSE: TMK), based in McKinney, Texas.[2]

History[edit]

In 1951, The Company was chartered by two longtime friends, Ralph Reece and John Singletary, with $60,000 of borrowed capital. Globe originally sold inexpensive but dependable life insurance protection to rural Oklahoma communities. Since 1951, Globe Life has grown in financial strength and reputation, consistently receiving high industry ratings. Today, Globe Life markets through direct mail, internet, and call center sales. Globe Life has earned the A+ (Superior) Financial Strength Rating (as of June 2015) from A.M. Best Company.[3] Globe has had an A+ (Superior) rating or higher since 1991.[citation needed] The company's life insurance premium has grown from approximately $221 million in 1998[4] to approximately $424 million in 2005 to approximately $702 million in 2014.[5]

Globe Life Park in Arlington[edit]

On February 5, 2014 Globe Life and Accident Insurance Company purchased the naming rights to Globe Life Park in Arlington, the stadium of the Texas Rangers Major League Baseball Team in Arlington, Texas. The agreement is for ten years starting in 2014 and going through the 2023 baseball season.[6] As part of the agreement, Globe Life made a substantial commitment to support youth baseball and softball programs through the Globe Life Texas Rangers Baseball and Softball Grant Program.[7]

President & CEO[edit]

Charles F. Hudson was the Senior Vice President of Globe Life from August 2001 through August 2005. He became President and CEO in August 2005 and retired in November 2014.[8] Bill Leavell was named President of Globe Life in October 2013.[9]

Company Reputation[edit]

The company has an A+ Better Business Bureau rating on a scale of A+ to F and has over 376 closed complaints.[10] In a 2002 lawsuit, Globe Life was fined a civil penalty of $5,000 for failing to pay interest on death claims in Oregon.[11]

Employee Service Division[edit]

In 1972, Globe Life discovered a need for civil service employees to supplement their life insurance benefits. As a result, Globe Life formed its Employee Services Division (ESD) to service the Government marketplace at the state and Federal levels, and has developed special life and health insurance products to continually meet those needs. Through Globe's supplemental insurance program, Government members and their families can purchase Ordinary Life or Term insurance protection designed to pick up where their Federal Employee Government Life Insurance, or FEGLI, leaves off.[12]

References[edit]

  1. ^ "Globe Life and Texas Rangers Baseball Foundation to Partner on Baseball and Softball Grant Program Again in 2015". Retrieved 19 June 2015. 
  2. ^ Best's Insurance Reports Life/Health United States & Canada 2008 Edition Volume I.
  3. ^ "A.M. Best Affirms Ratings of Torchmark Corporation and Its Subsidiaries". Retrieved 19 June 2015. 
  4. ^ "Torchmark Corporation 1998 Annual Report" (PDF). Retrieved 19 June 2015. 
  5. ^ "Torchmark Corporation 2014 Annual Report" (PDF). Retrieved 19 June 2015. 
  6. ^ "ESPN-Rangers Sell Naming Rights to Globe Life". Retrieved 19 June 2015. 
  7. ^ "Globe Life and Texas Rangers Baseball Foundation to Partner on Baseball and Softball Grant Program Again in 2015". Retrieved 19 June 2015. 
  8. ^ "Forbes-Charles F. Hudson". Retrieved 21 June 2010. 
  9. ^ "Rueters-Bill Leavell". Retrieved 19 June 2015. 
  10. ^ "Globe Life and Accident Insurance Company". Retrieved 19 June 2015. 
  11. ^ "Stipulation and Final Order, Globe Life, Case No. INS 02-08-005" (PDF). State of Oregon. 
  12. ^ "Globe Life ESD". Archived from the original on December 15, 2010. Retrieved 17 March 2011.