Nationwide Insurance has been around for over 80 years or so. It started as a little mutual car insurance company that is owned by its policyholders. Today, Nationwide Insurance is a major figure in the insurance sector as well as the financial services industries. Its statutory assets amount to over $135 billion.
The company started to grow in leaps and bounds after collaborating with different Farm Bureaus that offered their sponsorship to Nationwide Insurance. Over eight Farm Bureaus still promote the insurance company, offering discounts to members.
Nationwide Insurance traces its roots to 1925 when it was incorporated by the Ohio Farm Bureau Federation under the name Farm Bureau Mutual Automobile Insurance Company. The goal of this company is to offer high quality car insurance to Ohio farmers at the lowest rate possible. The company sold its first insurance policy in 1926. In 1928, the local sponsoring organizations helped Farm Bureau Mutual expand to other states, such as Maryland, Vermont, West Virginia, Delaware, and North Carolina.
Nationwide started selling automobile insurance followed by its decision to purchase a fire insurance company to be able to offer property insurance in the metropolitan areas in 1934. Ten years later, the operations of Farm Bureau Mutual has expanded to 12 states, including the District of Columbia. In 1943, the expanded operations of Farm Bureau Mutual have far exceeded their own goals as well as the company name. Along with further expansion to the west, which added 20 additional states to the company's market, the company adopted the name Nationwide Insurance.
Nationwide's headquarters were completed in 1978 and is located at a building called One Nationwide Plaza at the heart of Central Ohio. The building has a total of 40-stories and it is the biggest building to be occupied by just one company in all of Ohio. In the early 1980s, Nationwide Insurance acquires Farmland Insurance. This company is now called Nationwide Agribusiness Insurance. The company is a major farm insurer and has been in operation for over a century.
In 1997, the company's financial arm, Nationwide Financial, launched its initial public offering. In the same year, groundbreaking for Nationwide Arena takes place and the sports venue officially opened in 2000. Today, it is the home of the National Hockey League team, the Columbus Blue Jackets. In 2007, Nationwide Insurance opened the Nationwide Bank to the public. The Nationwide Insurance subsidiary Nationwide Corporation acquired all the common stocks of National Financial Services making it a private company which is a wholly owned subsidiary of Nationwide Insurance.
The board of directors of Nationwide Insurance focuses on continuous improvement. They assess the company's performance and ensure that best practices are always incorporated in the corporate governance. The board holds itself to the best standards in performance and professionalism. The company's management sees to it that it has the financial strength that can support all the insurance claims filed by customers as well as run the entire business operations.
Nationwide Insurance has been operating for over eight decades. It has acquired the financial strength, integrity, and experience to offer only the best insurance and financial products in the most personalized service that is customized to each existing plan participant and prospective clients. The company's products are distributed by highly trained staff, agents, and brokers, who are experts on conducting financial needs analysis and designing insurance coverage that is based on the analysis conducted.
Nationwide Insurance has been a Fortune 500 company for a long while. It is a leader in providing commercial and personal casualty and property insurance as well as financial and retirement products. The property and casualty lines of business have five well known brands namely, Allied Insurance, Nationwide Insurance, Scottsdale insurance, Nationwide Agribusiness, and Titan Insurance. The financial planning and services products are distributed through the operating brands Nationwide Retirement Solutions, Nationwide Financial, and Nationwide Bank.
The mutual ownership structure of Nationwide Insurance allows the company to align its business to its market by effectively serving the needs and requirements of all its customers and policyholders. The diversity of the business as well as the operating set-up has efficiently worked in building a solid foundation for this stable and financially strong insurance company.
Furthermore, the company believes in utmost transparency and has used several
resources to give its market and customers a view to its financial performance, including published annual reports, periodic highlights, press releases, business reviews for both Nationwide and National Financial Services.