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Nationwide Insurance Ratings and Company Information
Best Insurance Reports: A+
Url of page where rating was collected:
Type of Insurance Company: Mutual
Name of Parent Company:
Nationwide Mutual Insurance Company
Allied General Agency Company
AMCO Insurance Company
Allied Property and Casualty Insurance
Allied Group Inc
Depositors Insurance Company
And many others
Company History: Nationwide Insurance is a full-range insurance company with over $183 billion in assets. Nationwide Insurance was founded in 1925. Since, Nationwide has expanded. Nationwide FinancialÂ® went public in 1997, Nationwide Bank went public in 2007, and Nationwide Corporation purchased all outstanding shares it didn't already own from Nationwide Financial Services' common stock.
Nationwide is a mutual property and casualty insurance company with a large number of subsidiaries that supply products and services in property/casualty insurance, life insurance and retirement savings/asset management. The Nationwide Group of companies is headquartered in Columbus, Ohio, and is one of the largest multi-line insurers and financial service companies in the U.S. The insurance companies of the group have more than 33,000 employees and over 60,000 agents selling their products. Property and casualty insurance represents approximately 80% of Nationwide's business and the remainder consists of life and retirement savings products and asset management. The Nationwide Group consists of more than 40 companies. The lead company is a mutual property and casualty company (Nationwide Mutual Insurance Company) which sells its products and services primarily through a national network of exclusive agents. Nationwide also uses alternative distribution channels that include direct response (through telephone and Internet) and independent agencies. The Nationwide Group of insurance companies began in 1925 when the lead company, Nationwide Mutual Insurance Company, was founded under the sponsorship of the Ohio Farm Bureau Federation to provide low cost auto insurance for the Farm Bureau members.
In addition to the fleet of property and casualty companies, Nationwide includes a subsidiary which is a publicly traded holding company (Nationwide Financial Services). Its stock trades on the New York Stock Exchange under the symbol NFS. Nationwide Financial Services (formed in 1997) provides life insurance and retirement savings products through its Nationwide Life Insurance Company and other subsidiaries that comprise the retirement savings operations of the company. Nationwide owns 63% of Nationwide Financial Services, Inc. Nationwide Financial Services sells a diverse range of products including individual annuities, private and public sector group retirement plans, and other investment products sold to institutions, life insurance and investment advisory services through a diverse distribution network that includes financial planners, financial institutions, pension plan administrators and stockbrokers. Unaffiliated entities that sell the Company's products to their own customer bases include independent broker/dealers, financial institutions, warehouses and regional firms, pension plan administrators, and life insurance specialists. Nationwide Financial Services also distributes retirement savings products through the agency distribution force of its ultimate majority parent company, Nationwide Mutual Insurance Company (NMIC). Nationwide Financial Services has been developing distribution channels necessary to reach its target customers and the products required to meet the demands of these customers. These include products to tap into the growing tendency of Americans to supplement traditional sources of retirement income with self-directed investments. The Individual Protection segment of Nationwide Financial Services business consists of investment life insurance products, including individual variable annuities, corporate-owned life insurance (COLI) and bank-owned life insurance (BOLI) products; traditional life insurance products; and universal life insurance products. Nationwide Financial Services has a goal of trying to become a leading provider of life insurance and protection solutions to small businesses and consumers. The company is also continuing to invest in the expansion of its universal and variable universal life insurance products in order to capture a growing share of new sales through its various distribution channels.
By far the largest part of Nationwideï¿½s business is the property and casualty operation. It provides primarily private passenger vehicle liability and physical damage insurance and main street commercial insurance coverages which are distributed mainly through the 3,700 agents of the Nationwide career agency force. Alternative distribution channels such as direct response and independent agents are also used and Nationwide is trying to expand these channels.
Principle Sales Methods: The "Nationwide is on your side" marketing campaign is one of the most well known in insurance advertising. Primarily, it sells through career agents and online.
Life Annuity Business: Nationwide provides Term Life Insurance, Whole Life Insurance, Universal Life Insurance, and Variable Life Insurance options for the consumer.
Auto Business: Nationwide is the nation's #4 largest auto insurance provider, offering customers motorhome/RV, motorcycle, boat and traditional auto insurance policies. Nationwide also offers a variety of discounts.
Homeowners Business: Nationwide offers a variety of homeowners insurance policies including: Brand New Belongings, dwelling coverage, replacement cost plus, water backup of sewer, scheduled personal property, other structures coverage, contents coverage,personal liability, personal umbrella liability insurance, medical payment to others, ordinance or law insurance, flood insurance, and earthquake coverage. The company also offers a variety of discounts. It is the nation's seventh largest casualty and property insurer.
Health Business: Nationwide offers Multiflex Dental Insurance to people of all ages. The company also offers general liability insurance for teams, programs, instructors and short-term events and GrouProtector Accident Medical Insurance for community groups and special events in the event of an accidental injury or death during a sponsored group activity.
Company Financial Status:
Ticker Symbol: NFS
Assets & Premiums: Total Policyholder equity: $20 billion
Total Assets: $183.2 billion
Lines of Insurance:
Auto, Life, Homeowners
States licensed to sell insurance in:
AL, AZ, AR, CA, CO, CT, DE, DC, FL, GA, HI, ID, IL, IN, IA, KS, KY, ME, MD, MI, MN, MS, MO, MT, NE, NV, NH, NM, NY, NC, ND, OH, OK, OR, PA, RI, SC, SD, TN, TX, UT, VT, VA, WA, WV, WI, WY