Draft:Alfa Insurance
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This draft reads like an advertisement. Wikipedia is an encyclopedia, not a platform for promotion or marketing. Drafts that are exclusively promotional may be deleted without notice.
Declined by CptVikram 50 days ago.Wikipedia articles must be written neutrally in a formal, impersonal, and dispassionate way. They should not read like a blog post, advertisement, or fan page. Rewrite the draft to remove:
Instead, only summarize in your own words a range of independent, reliable, published sources that discuss the subject. If you have a conflict of interest (e.g. you are the subject, an employee, or a relative) or are being paid to edit, you must disclose this to comply with Wikipedia's Terms of Use. | |
| Type | Private |
|---|---|
| Industry | Insurance |
| Founded | 1946 |
| Founder | Alabama Farm Bureau |
| Headquarters | Montgomery, Alabama, United States |
Area served | United States |
| Key people | Jimmy Parnell (CEO) |
Number of employees | 2,300+ |
| Website | www |
Alfa Insurance (Alfa) is an American insurance provider headquartered in Montgomery, Alabama.[1] Alfa operates through Alfa Mutual Insurance Company and subsidiaries that provide auto, home, property, life, and other insurance products in 14 states, with core operations in Alabama, Georgia (U.S. state), and Mississippi, and additional operations in Arizona, Arkansas, Colorado, Indiana, Kentucky, Nevada, Ohio, South Carolina, Tennessee, Texas, and Virginia.[2]
History
[edit]Origins
[edit]Alfa is historically connected to the Alabama Farmers Federation, which was organized in January 1921 at Alabama Polytechnic Institute, now Auburn University, as Alabama Farm Bureau. In 1946, the members of the predecessor of the Alabama Farmers Federation created an insurance company called Alabama Farm Bureau Mutual Services, Inc. to provide fire insurance for rural residents and farmers.[3][4][5] In 1947, members created another company, then called Alabama Farm Bureau Mutual Casualty Insurance Company, and began offering auto insurance.[6]
Name change
[edit]In 1981, Alabama Farm Bureau disassociated from the American Farm Bureau Federation because of a dispute over insurance sales outside Alabama. Following a settlement in 1987, the Alabama Farm Bureau Federation changed its name to the Alabama Farmers Federation, and its affiliated insurance companies became known as “Alfa.”[7] In 2005, the Alabama Farmers Federation reaffiliated with the American Farm Bureau Federation.[8]
Alfa Corporation and privatization
[edit]Alfa Corporation was incorporated in Delaware in 1983 under the name Federated Guaranty Corporation.[6] In 1985, Alfa Corporation became a publicly traded company on the Nasdaq stock exchange.[9]
In 2007, Alfa Mutual Insurance Company and Alfa Mutual Fire Insurance Company began acquiring the shares of Alfa Corporation that they did not already own. The minority shares were valued at approximately $840 million.[10] The acquisition was completed in 2008, and Alfa Corporation became privately held.[11]
Acquisitions and expansion
[edit]In 1998, Alfa Insurance Group agreed to acquire 36% of Vesta Insurance Group Inc. for $70.7 million.[12]
In 2005, Alfa Corporation acquired The Vision Insurance Group, a non-standard auto insurance writer, for $20 million.[13] This acquisition became a subsidiary known as Alfa Vision Insurance Corporation. The Alfa Vision Insurance Corporation was rebranded to the Trexis Insurance Corporation (Trexis) in 2017.[6][14]
In 2022, Trexis acquired Western National's Legacy Insurance Services and Arizona Auto Insurance Company, along with Nevada General Insurance Company's book of business, allowing Trexis to write non-standard auto insurance in 13 states.[15][16]
Ratings
[edit]In August 2026, Best's Review, a monthly publication by AM Best, reported that Alfa Mutual Insurance Company had maintained Financial Strength Rating of A or higher for 74 consecutive years and Alfa Life Insurance Corporation for 51 consecutive years.[17]
Catastrophe losses
[edit]In 1979, Alfa paid $22 million in claims related to Hurricane Frederic. In 1995, Alfa paid $79 million in claims related to Hurricane Opal.[18]
In 2004, Alfa received approximately 60,000 claims and incurred about $325 million in covered losses related to Hurricane Ivan Hurricane Ivan.[19]
The 2011 Super Outbreak resulted in nearly $450 million in paid claims. Alfa described the outbreak as the costliest storm in the company's history.[18][20]
References
[edit]- ↑ Stevens, Monae (April 15, 2025). "City, county approve $7M for Alfa to move Montgomery headquarters". WSFA. Retrieved October 1, 2026.
{{cite web}}: CS1 maint: url-status (link) - ↑ "Media Kit & Corporate Info". Alfa Insurance. Retrieved October 1, 2026.
{{cite web}}: CS1 maint: url-status (link) - ↑ Moseley, Brandon (January 26, 2021). "Alabama Farmer's Federation turns 100 years old". Alabama Political Reporter. Retrieved October 1, 2026.
- ↑ "Alabama Farmers Federation". Encyclopedia of Alabama. Retrieved October 1, 2026.
- ↑ "Neighbors Magazine, December/Winter 2021". Issuu. November 15, 2021. Retrieved October 1, 2026.
- 1 2 3 Report of Examination of Alfa Mutual Insurance Company (PDF) (Report). State of Alabama Department of Insurance. December 31, 2021. Retrieved June 11, 2026.
{{cite report}}: CS1 maint: url-status (link) - ↑ "American Farm Bureau Fed. v. ALA. FARMERS FED., 935 F. Supp. 1533 (M.D. Ala. 1996)". Justia Law. Retrieved October 1, 2026.
- ↑ Radio, Alabama Public (December 6, 2005). "Alabama Farmers Federation to Rejoin American Farm Bureau Federation". Alabama Public Radio. Retrieved October 1, 2026.
- ↑ "Press Release". www.sec.gov. Retrieved October 1, 2026.
- ↑ Singh, Sweta (November 5, 2007). "Alfa OKs higher $840 mln offer to go private". Reuters. Retrieved October 1, 2026.
{{cite news}}: CS1 maint: url-status (link) - ↑ "Alfa's Beta Deal". Forbes. Retrieved October 1, 2026.
- ↑ Brooks, Rick (November 9, 1998). "Alfa Insurance Will Acquire Up to 36% of Vesta Insurance". Wall Street Journal. Retrieved October 1, 2026.
{{cite news}}: CS1 maint: url-status (link) - ↑ "Montgomery, Ala.-based Alfa Corp. Buys Vision Insurance Group". Insurance Journal. January 3, 2005. Retrieved October 1, 2026.
{{cite web}}: CS1 maint: url-status (link) - ↑ "Company Changes | Missouri Department of Insurance". insurance.mo.gov. Retrieved October 1, 2026.
- ↑ McBrayer, Brooke (February 21, 2022). "Alfa Insurance To Acquire Legacy Insurance Services". Alabama Farmers Federation. Retrieved October 1, 2026.
- ↑ "Alfa acquiring Legacy Insurance Services". Business Alabama Magazine. January 24, 2022. Retrieved October 1, 2026.
- ↑ "Standing the Test of Time". Best's Review. Vol. 127, no. 8. 2026. p. 26, 29. Retrieved October 1, 2026.
- 1 2 "A History of Service". Alfa Insurance. Archived from the original on June 20, 2024. Retrieved October 1, 2026.
- ↑ Toops, Laura Mazzucca (November 20, 2005). "Insurer CEOs Address Cat Fallout at PCI Meeting". Insurance Journal. Retrieved October 1, 2026.
- ↑ Belz, Adam (January 3, 2012). "Home insurance rates likely to go higher". ABC News. Retrieved October 1, 2026.
{{cite web}}: CS1 maint: url-status (link)
External links
[edit]Category:Insurance companies of the United States Category:Mutual insurance companies of the United States Category:Companies based in Montgomery, Alabama Category:Privately held companies based in Alabama Category:1946 establishments in Alabama
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