American National Insurance Company

American National Insurance Company

Company type	Private
Industry	Insurance
Founded	1905
Founder	William Lewis Moody Jr.
Fate	Acquired by Brookfield Asset Management in 2022
Headquarters	Galveston , United States
Area served	United States, Puerto Rico
Products	Annuities, pension risk transfer products, property and casualty insurance (including farm, ranch, business, collector automobiles, personal vehicles, recreational equipment, renters insurance)
Owner	Brookfield Asset Management
Parent	Brookfield Asset Management

American National Insurance Company (commonly known as ANICO) is a prominent U.S.-based insurance firm headquartered in Galveston, Texas. Its network of subsidiaries provides services in every U.S. state as well as in Puerto Rico.

Company Overview

Established in 1905 by Galveston entrepreneur William Lewis Moody Jr., American National delivers a broad spectrum of insurance solutions. These include annuities, pension risk transfer products, and various property and casualty coverages such as those for farms, ranches, businesses, collector automobiles, personal vehicles, recreational equipment, and renters.

In August 2021, Brookfield Asset Management reached an agreement to purchase American National for $5.1 billion, with the acquisition finalized in May 2022.

Subsidiaries

• American National Life Insurance Company of Texas
• American National Life Insurance Company of New York
• American National Property And Casualty Company
• Farm Family Casualty Insurance Company
• United Farm Family Insurance Company
• Garden State Life Insurance Company

Historical Background

American National was founded in 1905 by William Lewis Moody Jr., who shifted his career focus from cotton and banking industries to insurance. The company started with $100,000 in capital and a $20,000 surplus. Moody emphasized reinvesting earnings to support expansion instead of issuing early dividends.

Within five years, the company’s assets surpassed $1 million; by 1910, the total insurance coverage issued grew from $2.1 million to $22 million. The 1920s experienced significant premium growth fueled by acquisitions and the impact of the 1918-19 influenza pandemic. By 1928, American National had integrated 27 insurance firms, employed approximately 500 individuals, and held assets totaling $38 million. Despite economic challenges during the Great Depression, the company remained profitable and increased assets by 37% between 1930 and 1935. By 1939, assets reached $82 million while insurance coverage in force amounted to $777 million.

During World War II, expansion accelerated; in 1942, it became the first Texas-based insurer to hold assets exceeding $100 million. Growth continued with the acquisition of Commonwealth Life and Accident Insurance Company in 1950. Following Moody’s death in 1954, his daughter Mary Moody Northen assumed leadership. By 1959, insurance coverage had grown to $5 billion.

Governance issues emerged in the late 1950s, prompting state regulatory involvement and changes in executive leadership during the early 1960s. Under presidents W.L. Volger and R.A. Forbush, American National broadened its financial services portfolio through acquisitions such as Securities Management & Research, Inc., reaching $10 billion in insurance coverage by 1968.

Phil B. Noah took over as president in 1969 and led further acquisitions including Equitable Insurance Company of Texas. The company completed its new 20-story headquarters in Galveston in 1971 and established American National Property and Casualty Company (ANPAC) in 1973 to expand into multi-line insurance markets. Legal conflicts regarding management of the Moody Foundation were eventually resolved in favor of restoring family control.

Throughout the late 1970s and into the 1980s, American National continued growth by acquiring Standard Life & Accident Insurance Company while divesting Trans World Life operations. Robert Moody returned as board chairman in 1981. The company expanded further by acquiring American Health & Life operations in 1987 and several Primerica insurers in 1988. By the end of the decade, revenues exceeded $1 billion with insurance coverage surpassing $30 billion.

In the early 1990s, diversification efforts included developing new distribution channels such as banks and automobile dealerships; the acquisition of Garden State Life Insurance Company took place in 1992. By 1993, American National had paid dividends for 82 consecutive years and maintained an A-double-plus rating from A.M. Best.

By the late 1990s, life insurance contributed more than 70% of earnings despite a reduction by half of field agents since the late 1980s. In 1997, insurance coverage reached $43.8 billion alongside consolidated assets totaling $8.5 billion; net income increased by 15% to $248 million compared to the previous year.

As the millennium approached, prudent management ensured ongoing stability and growth. Descendants of founder William Moody retained control over more than 61% ownership through entities such as the Moody Foundation and The Libbie S. Moody Trust.