Globe Life Insurance Company of New York is an American insurance company based in Syracuse, New York. The company is a subsidiary of financial services holding company Globe Life (NYSE: GL), based in McKinney, Texas.[1]
 | |
| Company type | Subsidiary of Globe Life[1] |
|---|---|
| Industry | Life insurance |
| Founded | 1981 |
| Headquarters | Syracuse, New York, United States |
Area served | New York State |
Key people | Vern D. Herbel, CEO Michael C. Majors, President[2] |
| Products | Supplemental health and life insurance |
| Parent | Globe Life |
| Website | www |
History
editIn 1981, as the United American Insurance Company, the company became a member of Globe Life, a financial services holding company, listed on the New York Stock ExchangeNYSE: GL.[1] United American was chartered that year as a result of their business spreading across the United States. First UA wrote its first life insurance policy in 1986.
In 2011, First United American earned the A+ (Superior) Financial Rating from A. M. Best Company.[3] It was downgraded to A (Excellent) in 2020.[4]
In 2019, Globe Life Insurance Company of New York was fined by the Department of Financial Services in the state of New York for improperly denying benefits to policyholders. This was under Liverpool life insurance which was a brand of Torchmark Corporation which was a subsidiary and the previous name of Globe Life.[5] Globe Life had to pay a fine of $439,000, in addition to the restitution of over $7.3 million which it had agreed to pay to the beneficiaries.[6]
References
edit- ^ a b c Allison Bell (26 July 2019). "Torchmark to Change Its Name to Globe Life". ThinkAdvisor. Retrieved 29 July 2019.
- ^ "Executive Profile Michael Clay Majors". Bloomberg. Retrieved 17 January 2019.
- ^ "A.M. Best Affirms Ratings of Torchmark Corporation and Its Subsidiaries". Retrieved 18 January 2015.
- ^ AMBest (17 July 2020). "AM Best Downgrades Credit Ratings of Globe Life Inc. and Its Subsidiaries". BusinessWire. Retrieved 17 August 2020.
- ^ "Torchmark Corporation Has Officially Been Renamed Globe Life Inc". GlobeLife. August 9, 2019.
- ^ McMahon, Julie (28 January 2019). "Liverpool life insurance co. ordered to pay $7.3M to families denied coverage". Syracuse. Retrieved 8 May 2020.