American General Long Term Care Insurance

American General Long Term Care Insurance

American General Life Insurance Company is a subsidiary of American International Group an international financial group, based in the United States, who specializes in general insurance, consumer finance, and retirement services. American General has over 3 million customers with over 116,000 employees in approximately 130 countries.

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American General is headquartered in Houston, TX. Despite increased media scrutiny, American General Life Insurance Company has paid out more than $12 billion in claims and benefits to customers over the past five years. American General Life Insurance Company is among the 25 largest U.S. life insurers with invested assets of $36 billion (as of March 31, 2010).

History

American General Insurance Company was started May 8, 1926, in Houston, Texas. American General was one of the first multi-line insurance companies in the nation. Three years later, American General declared its first dividend.

Through the 1940s, 1950s, and 1960s American General completed numerous strategic acquisitions throughout Maryland, Tennessee, New York, and Nebraska. By 1968, American General had reached $1 billion in total assets and began trading on the New York Stock Exchange.

In the late 1970s, American General acquired The Variable Annuity Life Insurance Company (VALIC), which marked their expansion into the retirement savings market. In 1982, American General began its consumer finance operations and completed the largest acquisition in the history of the life insurance industry at the time, with the $1.5 billion purchase of The National Life and Accident Insurance Company. These events transformed American General into a focused financial services organization emphasizing retirement services, life insurance and consumer finance.

On August 29, 2001, American International Group, Inc. acquired American General and its member companies. American General issues a wide range of general insurance and life insurance products for commercial, institutional and individual customers through a variety of distribution channels in approximately 130 countries through the world.

In December 2009, American International Group reduced the outstanding debt it owes the New York Federal Reserve by $25 billion by exchanging preferred shares in American International Assurrance Co. Ltd. And American Life Insurance Company for the outstanding debt.

American General Long Term Care Insurance

Among the numerous products sold by American General Insurance Company is long term care insurance with a wide variety of terms, conditions, riders and options.

Ratings of Companies Issuing American General Long Term Care

American General’s U.S. long term care insurance is issued by American General Life Insurance Company a subsidiary of American International Group. Four major rating agencies rate the financial strength of these companies. As of August 1, 2010, those ratings are:

  • A.M. Best: A (3rd best out of 16 categories)
  • Fitch: A- (7th best out of 19 categories)
  • Moody’s: A1 (5th best out of 21 categories)
  • Standard & Poor’s: A+ (5th best out of 22 categories)

*Company ratings as of August 1, 2010

To get a free quote for American General long term care insurance or compare long term care insurance quotes from the nation’s top long term care insurance carriers, contact a licensed long term care insurance professional. Start Now with American General Long Term Care Insurance Quote.

See Also:
MedAmerica Long Term Care Insurance