As a private mutual company, American Family Insurance offers coverage and financial protection for automobiles, property, casualty, health, homeowners, commercial and business coverage, and life insurance. American Family also offers customers services in both retirement savings management as well as general investment planning. The company has a well-established reputation as a corporation and ranks among the Fortune 500 with almost $7 billion in annual revenue.
American Family began in 1927 under a different name, Farmers Mutual Insurance Company. In the early days the only coverage offered was auto insurance coverage. The business model was a conservative one expecting better profits from farmers who didn't drive as much as urban drivers and in the winter stayed home. Since that time the company has expanded its product line greatly, migrating to city and urban customers, particularly organizations and businesses.
Today, American Family Insurance includes a number of subsidiaries:
American Family Securities
American Standard Insurance Co. of Ohio
American Family Brokerage
American Family Life Insurance Company
American Standard Insurance Company
American Family Mutual Insurance Company
The company offers a broad array of life insurance products, including the big three (term, universal, and whole life). Additional products include coverage for vehicles, homes, recreational vehicles, personal coverage, business liability, travel insurance, and global medical plans.
While American Family Insurance represents are large organization, the company only operates in specific areas and cities of the country. The given states include Wisconsin, Minnesota, Missouri, Colorado, and Ohio. The company has experienced significant downsizing through 2012 due to economic pressures.