Torchmark Corporation, founded in 1900 in Birmingham, Alabama and based in McKinney, Texas, is a financial services holding company listed on the New York Stock Exchange which operates through its wholly owned subsidiaries providing life insurance, annuity, and supplemental health insurance products. Torchmark Corporation markets insurance products using multiple distribution channels, which include direct response, exclusive Agency, and independent systems. The company maintains a large operation in Birmingham, Alabama.
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Subsidiaries
- Liberty National Life Insurance Company, McKinney, Texas
- Globe Life And Accident Insurance Company, Oklahoma City, Oklahoma
- United American Insurance Company, McKinney, Texas
- First United American Life Insurance Company, Syracuse, New York
- American Income Life Insurance Company, Waco, Texas
- Family Heritage Life Insurance Company of America, Mckinney, Texas
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History
The original core of Torchmark, Liberty National Life Insurance Company, was founded in 1900 as the Heralds of Liberty, a fraternal benefit society. Liberty National was headquartered in Birmingham, Alabama until 2006 when it moved to McKinney, Texas along with the parent company.
In 1980, Liberty National acquired Globe Life And Accident Insurance Company and formed the holding company, Torchmark Corporation.
In 1981, TMK acquired United Investors Life Insurance Company (UIL), United American Insurance Company, and Waddell and Reed Financial.
In 1992, TMK was added to the S&P 500 Index of the largest publicly traded companies in the United States.
In 1994, TMK acquired American Income Life Insurance Company;
In 1998, TMK spun off Waddell and Reed Financial, a mutual fund subsidiary.
In 2006, TMK began moving its headquarters from Birmingham, AL to McKinney, TX.
In 2010, TMK sold United Investors Life Insurance Company (UIL) to Protective Life Corporation.
In 2012, TMK acquired Family Heritage Life Insurance Company of America (FHL).
On February 5, 2014, Torchmark's subsidiary Globe Life purchased the naming rights of Globe Life Park in Arlington, formerly Rangers Ballpark in Arlington, the home of Major League Baseball's Texas Rangers Baseball Club located in Arlington, TX.
In August 2001, a mutual fund company filed a civil racketeering suit against Torchmark Corp., which accused Torchmark Corp. and its former chief executive of scheming to continue control over Waddell & Reed Financial Inc. after Torchmark spun it off in 1998. However, in a series of orders dated February 20, 2003, August 20, 2004, and September 28, 2004, the United States District Court for the Northern District of Kansas later granted summary judgment against plaintiff Waddell & Reed and in favor of Torchmark and the other defendants named in the action.
Source of the article : Wikipedia
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