Globe Life and Accident Insurance Company
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| Subsidiary of Torchmark Corporation | |
| Industry | Life insurance |
| Founded | 1951 |
| Founder | Ralph Reece John Singletary |
| Headquarters | Oklahoma City, Oklahoma |
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Area served
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United States |
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Key people
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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). 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). The Company has over $66 billion of insurance in force (as of August 2013). The Company is a wholly owned subsidiary of Torchmark Corporation (NYSE: TMK), based in McKinney, Texas.
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. Globe has had an A+ (Superior) rating or higher since 1991. The company's life insurance premium has grown from approximately $221 million in 1998 to approximately $424 million in 2005 to approximately $702 million in 2014.
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. 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.
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. Bill Leavell was named President of Globe Life in October 2013.
The company has an A+ Better Business Bureau rating on a scale of A+ to F and has over 376 closed complaints. In a 2002 lawsuit, Globe Life was fined a civil penalty of $5,000 for failing to pay interest on death claims in Oregon.
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Wikipedia