now officially Reliance Insurance Company [Liquidation] known as Reliance Insurance, established in Philadelphia in 1817 and in the meantime has undergone many corporate makeovers over the years. As of October 3, 2001, the company has been liquidated.
History
1817-1968
Reliance 5 hose and the Philadelphia Fire Association, organized by the 11 engine fires companies.upo the beginning, formally incorporated in 1820, was founded in 1817, Reliance had previously been one independent volunteer fire the country has become the first successful association to another and often times, equipment destruction and competitors fire their competitors offensive was extended to unproductive competition, busy. In addition to the fire insurance underwriting association to solve the problems of the past members of the engine and has served as a mediator between the hose companies. For three-story building was purchased by Samuel Bleight made his first policy of the Association. One of the enduring symbol of winding hose company initially accepted and letters on both sides, F. A. It was fire sign containing a fireplug.
Pennsylvania governor granted a charter by the Association on March 27, 1820 and 29 this year wrote policies. 1832 wrote the association had 583 policies and of those 44 member companies by 1844. In that year 1850 it was interrupted by the Great Fire in Philadelphia all had more than $ 100,000. trustee, however, brought them in good faith and even allegations emerged that led to the expansion, paid. Philadelphia in 1871, the city has created its own fire department. In contrast, the trustees they had only one insurance company and thus began writing their policies outside Philadelphia, he chose to continue as a joint-stock company under a new charter.
business agents continued to grow throughout the year as they followed the development of the countries of Reliance Insurance as insurance and various forms of generation, including expanded coverage, which was founded in the 1920s was one. In 1950, the association was merged into the parent company and its subsidiaries on January 1, 1958, in Philadelphia Fire Association officially changed its name Reliance Insurance Company. acquisition of the company's growth and continued through the establishment of subsidiaries. Wisconsin General Accident Company will provide the company with a strong presence in the Midwest and West, respectively, in May 1967 1956 Pacific Insurance Company and United were bought. Eureka Insurance Company changed its name in 1963 as Planet Insurance Company was started in 1959 and started in 1976, Reliance wrote commercial, mass-market business.
1968-1998 years "Saul Steinberg Period"
Carter in 1968, Berlind & Weill ( "Carter Berlind") as a brokerage firm other than insurance business and a strong balance sheet can be used for many other things had excessive surplus an insurance company, we see the potential purchase. They are examined and several insurance companies at the end of the most attractive candidate because of the strong financial position and the company targets a large percentage of the Reliance stock Carter Berlind prime them for the takeover address so because it is owned by corporate clients. After having approached and rejected by several other financiers such as Laurence Tisch, Phillip Carter Berlind Saul Steinberg Reliance offered to sell the idea.
Mr. Steinberg Brooklyn, NY August 1939 born at age 22, in 1961. In 1959, the University of Pennsylvania Finance, Wharton School of Economics received a bachelor's degree, he Leasco Data Processing Equipment Company set up the IBM computer in the company of a small office data processing equipment rental. The company has grown rapidly expand the capabilities and sought to diversify the company in 1965, Steinberg went Enlarge public.as Leasco. Leasco Reliance Insurance Company in 1968 bought 91% and its subsidiaries (Steinberg, 1981 the company received the balance of the winter). A year later, in 1969, failed after Steinberg, one of the largest financial institutions in the country $ 9 billion venture Chemical Bank and Steinberg tried to take over the New York financial community has gained a reputation for hostility and brashness. Mr. Steinberg "I always knew it was an institution .; I just thought it was part of the" Steinberg also said that fifteen years later to do another study, another legendary American institutions legendary Walt Disney Co. He failed in this proposal, but its shares to "greenmail" forced Disney to pay him $ 60 million.
Steinberg, Reliance and Leasco headed corporate parent at the beginning of the 1970s, the structure and operation has undergone significant changes. Reliance and Reliance Group with its subsidiaries and sister companies a holding company through an intermediate holding company named Holdings, was established. Leasco remote and financial services in particular in 1973 to reflect a corporate strategy for serving the correct computer related insurance Reliance Group, Inc., changed its name. New insurance companies Commonwealth Title Insurance Company (c. 1976), New York Reliance Insurance Company (1978), Reliance Lloyds (1980), including the descent to handle the company's growing expansion into selected private lines found. In the early 1980s, expansion, including the merger of several new life insurance company. During this period of expansion and diversification, Reliance Insurance standard personal automobile and homeowners insurance lines that are familiar to most people, including most continued to handle.
Steinberg in 1981, as is currently the chairman of the board and executive officer, Reliance Group, Inc. Thus, the company has now bought all the shares owned by the private Steinberg and his family. In 1986, however, the company again went public sale of its stock by about 20% by Steinberg and his family retaining the rest.
The company's stock value of 1987 stock market crash suffered due to claims resulting from hurricanes in the late 1980s largely fell after the 1989 San Francisco earthquake and the results of its policies. All the while, however, Reliance bail growth strategy and in various insurance, including reinsurance market ever expanding, continued. Beyond the expansion of the insurance market, Reliance Group work developed in other areas; including Reliance Development Group, Inc. handled real estate transactions, and Reliance Energy Consulting Group has provided consulting services for environment and natural resources. company as a field expanded through acquisitions and start-ups were sold, while other interest. In 1989, Day Corporation, the company that owns the Days Inn hotel chain's sales, almost three times the initial investment in 1984.
1998-2001 "Collapse"
although at that time it was calm, his brother was accepted by Robert Steinberg Saul Steinberg had a stroke in 1995, Active control of his financial empire. The changes were instituted seemingly becoming more focused on the insurance and Reliance for a while, it looked as if the welfare of the company. Many investors long ago grown tired of Saul Steinberg companies for endorsing. RGC stock reached record levels. In March 1999, opened in 1998 year the companies in the financial statements, a $ 1.7 billion legal plus the history of his great 585 $ million.with less profit in three years for that year, however, it is Pennsylvania Commonwealth Court liquidation Reliance placing give a court order. only $ 359 million worth of company Reliance by Leucadia National agreed to purchase shares in early 2000 for $ 198 million in 2000, another in 1999, lost $ 177 million and net income. Reliance market value reached a high of $ 2.3 billion.th agreement, however, 1998 represents a loss of $ 1.941 billion of market capitalization since the middle of Leucadia National because of concerns about Reliance financial health fell when his word.
Pennsylvania insurance regulators sought recovery companies in 2001, but on October 3 this year, September 11, 2001 terrorist attacks in the financial markets after the weakening after Pennsylvania's insurance commissioner, Diane Origin, the company has filed liquidation. This was according to the Insurance Information Institute liquidation largest insurance company in US history.
order Reliance collapse of speed and in the morning as the size of the leading insurance rating agencies, due to uncertainty about the insurer a (strong) rating assigned to that one until June 2000 (excellent) A- and Standard & Poor's as well-rated financial strength Reliance Co. ,. [5] rating agencies, but the collapse of the company played an important role. morning time best parent company's significant debt partially lowers Reliance notes due in June 2000, Reliance Group Holdings, Inc., retain the ability to Reliance and attract business sudden collapse causes the fate blow.anoth factor handle complex reinsurance pool Unicov is nicknamed workers' compensation policies, this was a very expensive failure. Unicov, however, the resulting company's corporate mentality and the cause of death was just one example of risk-taking philosophy. his eagerness to expand and grow, policies are written very cheaply; Over the dividend was paid to shareholders (largely Steinberg themselves); and the company was not managed. [4] And as a result, it failed.
2001 - present "Liquidation"
The following October 3, 2001, the liquidation company has set up a court decision, Pennsylvania Insurance Department, the company's debts and distribution of the full extent of determining a long, complex and began continuous process Reliance Estate, control takes over all of its assets. Meanwhile, legal action, which led to the company's collapse breach of their fiduciary duty and negligence were instituted against the company's former officers and directors. actions to set a precedent in nature and deducted from the company's debt, contribute to a better understanding of what happened as well as residential Reliance problems resulted in about $ 100 million.
Liquidation order, took over many of the claims against the company's policy of moving various state insurance guarantee funds, triggered established statutory provisions. [8] Whether a state guarantee association will assume responsibility for a particular claim it depends on many factors, whether it is the case of insurance companies licensed to do business in particular want. loss of other insurance is concerned [9] The amount of assets policy, claims history and other variables are reported to be determined to accept the demand for a guarantee fund can play a role. A guarantee payments made by insurers licensed to do business associations immediately policyholders.by ultimately unable to pass through costs for each measure, and evaluate claims against Reliance is the largest insurance liquidation date:
Companies
Reliance Insurance Company changed its name in 1968 1973 and Leasco Leasco became a subsidiary of Reliance Group. Reliance Insurance Company, Reliance Group has started at various times in addition to the following other companies:
Cananwill
Commonwealth Title Insurance
Commonwealth Mortgage Assurance Company
Commonwealth Relocation Services, Inc.
General Accident Companies
Herbert W. Davis & Company
RCG International, Inc.
RCG / Hagler Bailly
RCG / Moody-Tottrup
RCG / Human Sciences
RCG / Vectron
Reliance Development Group, Inc.
Reliance Direct Insurance Company
Reliance National Insurance Company
Reliance Reinsurance Company
Reliance Standard Life Insurance Company
Reliance Surety Company
Telemundo Group, Inc.
Transamerica Title Insurance Company
United Pacific Financial Services
United Pacific Life Insurance Company
New York United Pacific Reliance Life Insurance Company
Werner International, Inc.
Advertising and Marketing Campaigns
For years, Reliance's company motto "Quality is our policy." However, since his work was often placed through independent insurance agents and brokers who are mostly relatively little advertising for the company to the public. As a result, the company has undertaken mass marketing of comparable size was not more widely known as other insurance. He ran in trade publications in the 1970s, but a Reliance advertising, that was downright sexist to be witty when viewed by today's standards. (As seen here) aiming insurance this full-page ad, place the slogan "Do we have a girl for you!" and it is defined as an attractive young woman, portrayed "Demand Service Representative." ad then directs the reader to the various parts of the anatomy of women and will help agents handle the claims does not specify how. Woman's forehead drawn comic title, "Braun. Our girls are just more than a pretty face. It's all we are well trained." reads her ankle drawn comic writing. "you never use well-turned ankle, but beautiful to look at.", reads the ad "If you had an accident, you of course? not appreciate a conversation with a beautiful girl, think about it." targeted advertising expenses to promote insurance agents say, but it just was not true, but most of the time Reliance which all insurers, insurance claims handled by largely young women usually do not have staff working in intensive and stressful work environment what. These agents hand "a couple of extra" gave but also kept the relatively low salary costs only.
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