The Virginia Life Insurance Company is a life insurance company founded in Petersburg, Virginia, in 1871. Known as the "Life of Virginia", the company went through several major acquisitions over the years before eventually becoming Genworth Finance one the leading financial security company.
Video The Life Insurance Company of Virginia
Company history
The life of Virginia was founded by two dozen Petersburg investors in March 1871, when the Virginia General Assembly passed a merger action for the "Virginia Life Insurance Company". With A.G. McIlwaine as the company's first president, and D'Arcy Paul and D.B. Tennant served as vice president, the company began offering its first policy to local customers. The Virginia Life Insurance Company was later expanded to Richmond, and with the general agent F.W. Chamberlayne, significantly increasing their customer base. Within a decade, the company acquired customers from Baltimore, New York City, and New Orleans, and immediately moved their headquarters to the capital of Richmond, Virginia.
In the early twentieth century, Virginia Life Insurance Company offers a range of products, including lifetime annuities through "Ordinary Division", term life products, donation policies, and unlimited payments policy through the "Medium Division", and a set of products for the workplace through the arm industry.
The Company initiated a series of acquisitions and reorganizations in 1986, when Life of Virginia was purchased by the American Insurance Corporation (AON Corporation) for $ 557 million. In 1995, GE Capital acquired most of AON Corporation's life insurance business, including Life of Virginia, and in 2003, Genworth Financial was formed from several GE Capital businesses.
Maps The Life Insurance Company of Virginia
References
Source of the article : Wikipedia
0 Comments