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Note: West Coast Life Policies are now underwritten by Protective Life
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West Coast Life
solid resources backed by a
combination of innovative products and service beyond expectations.
History
West Coast Life represents a spirited
history that includes an impressive list of "firsts" that
few companies can match.
Instinctive Determination
and a Resilient Youth
In March of 1906, a
small group of prominent businessmen met in
San Francisco to organize a company
dedicated to serving the insurance needs of the west. Born
or bred into prosperity, they represented a cross section of
Americans that composed the social and economic backbone of
the new West.
Recognizing an opportunity for a west
coast-based insurance company, these men turned a hunch into
history. In just a few weeks they elected a board of
directors and voted insurance veteran Dr. George A. Moore as
president. Fueled by the determination and vision that would
become its lifeblood, West Coast Life Insurance Company was
established in San Francisco's
Merchants
Exchange
Building
and opened for business on
April 2, 1906.
A Fighting Spirit
Just
16 days after West Coast Life's forefathers began building
their new enterprise, they awakened to the devastating
rumblings of San Francisco's great earthquake and fire.
Facing
their first adversity with a fighting spirit, the
founders forged ahead and immediately established temporary
offices. Within two weeks, business which
included offering the city of San Francisco the first
reconstruction loan to rebuild had resumed. At the close of 1906, not even a year
old, the company reported over $1,000,000 of life insurance
in force and over $225,000 in assets, matched by as much
capital and surplus funds and no liabilities.
West Coast Life's offices from 1920-1972 at the southwest
corner of Market and Second Streets. Foresight, Enterprise,
Success
Over the next decade, West Coast Life
strengthened and grew, opening insurance offices in all
of
the principal cities in the west. The first general agency
was established in Honolulu in 1912, marking West Coast Life
as the first American life insurance company in Hawaii.
Expansion continued but not at the expense of efficiency. In
1915, to reduce costs and business duplication, West Coast
Life merged with the San Francisco Life Insurance Company.
During this period, the new firm entered and appointed
agents in Texas and Montana and became the first American
life insurance company to operate in the Philippine Islands.
For the next decade the company aggressively expanded sales
and entered the Colorado, Wyoming, Alaska, Oklahoma and New
Mexico markets and became the first American life insurance
company to open in China and the Crown Colony of Hong Kong.
At the close of 1930, a robust West Coast Life reported over
$20,000,000 in assets, nearly $2,000,000 in capital and
surplus funds, nearly $18,000,000 in liabilities, and total
life insurance in force amounting to $133,000,000.
Overseas Expansion and
World War II
Prosperity and growth continued for West Coast Life with
successful expansion in the Far East. Despite being cut off
from overseas operations at the outset of World War II, the
company continued to fulfill its policy obligations there in
a manner that strengthened its reputation for quality and
performance. Marketing efforts have since been concentrated
in the United States.
Post War Growth and
Acquisitions
Growth at home was significantly helped by acquisitions
giving West Coast Life new found presence. In 1964,
Nationwide Corporation (Ohio), acquired the company. West
Coast Life then merged with Gulf Atlantic Life (Texas) in
1978. The company later assumed the individual life
operations of Michigan Life in 1985, Durham Life (North
Carolina) in 1989, Employers Life of Wausau (Wisconsin) in
1994 and Farmland Life (Iowa) in 1995. In 1997, the company
was acquired by Protective Life Insurance Company
(Tennessee).
A Spirited Past Positioned
for the Future
West Coast Life is the oldest life insurance company home
based in San Francisco and is one of the few companies that
boasts a heritage extending more than 90 years. The
company's slogan, "The Spirit of the West" continues to
reflect the vision of its forefathers as well as being the
inspiration behind West Coast Life's many outstanding
industry "firsts."
Source: West Coast Life Insurance
Company archives.
West Coast Life
|
Address1 |
343 Sansome St |
Address2 |
|
City |
San Francisco |
State |
CA |
Zip |
94104-1303 |
Phone Number |
800-366-9378 |
Fax Number |
415-433-1372 |
MORE ON WEST COAST LIFE INSURANCE
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