Ameritas Life History
In 1887, there were no local insurance companies in Lincoln, Nebraska. Five local businessmen saw that as an opportunity, and on April 6, 1887, Old Line Bankers Life Insurance Company of Nebraska (Bankers Life) was formed.
During the first half of the 20th century Bankers Life grew from a small company serving a limited Midwest geographical area to one of the nation’s 100 largest insurance companies with operations extending to both coasts.
In the 1980s and 1990s, subsidiaries were formed to offer and underwrite variable insurance products; security and investment products; and dental insurance, individual and low-load life insurance and annuity products in New York.
In 1988, Bankers Life changed its name to Ameritas Life Insurance Corp. (Ameritas Life) to reflect its broad product line and national scope. The American bison was chosen as the new logo. A widely recognized image, it suggests strength and represents a Midwestern heritage and work ethic. In 1998, Ameritas Mutual Insurance Holding Company was formed, then merged in 1999 with Acacia Mutual Holding Corporation to form Ameritas Acacia Mutual Holding Company (The Ameritas Acacia Companies)—the first ever merger of two mutual holding companies. In 2006, Ameritas Acacia Mutual Holding Company merged with Union Central Mutual Holding Company and was renamed UNIFI Mutual Holding Company.
In 2012, UNIFI Mutual Holding Company changed its name to Ameritas Mutual Holding Company.
Ameritas Life of New York History
For more than a quarter of a century, Ameritas Life Insurance Corp. of New York (Ameritas Life of NY) has been committed to providing insurance products and services to the New York market.
Bankers Assurance Company of New York was incorporated to sell dental insurance products in New York in 1984. In 1988, after Bankers Life Nebraska changed its name to Ameritas to reflect its expansion within the broader financial services industry, the Ameritas name also was added in New York, creating Ameritas Bankers Assurance Company of New York.
In 1994, First Ameritas Life Insurance Corp. of New York (First Ameritas Life) was created to offer individual products exclusively in New York. Ameritas Bankers Assurance Company of New York merged with First Ameritas Life in 1996 to offer individual and group policies. First Ameritas Life joined the Life Insurance Council of New York (LICONY) three years later.
In 2006, Standard & Poor’s and A.M. Best established a group rating for Ameritas Life Insurance Corp., First Ameritas Life Insurance Corp. of New York, Acacia Life Insurance Company and The Union Central Life Insurance Company. That same year, a whole life policy, written on First Ameritas Life paper, was introduced in New York.
By approval of mutual holding company members, in 2010 eligible First Ameritas Life policyholders became members of Ameritas Mutual Holding Company, formerly UNIFI Mutual Holding Company.
First Ameritas Life changed its name to Ameritas Life Insurance Corp. of New York in 2011 and moved its office to New York City.
Acacia Life History
Acacia Life Insurance Company began service on March 3,1869, when President Andrew Johnson signed a Congressional act, which chartered the Masonic Mutual Relief Association. The company was created to provide death benefits to widows and orphans of masons. During its first month in business, the company collected $21.70 in “membership fees,” paying its first claim of $204 in December 1869.
In 1922, the company changed its name to Acacia Mutual Life Association, borrowing the symbol of immortality from the acacia tree. The newly named Acacia Mutual Life Insurance Company (Acacia Life) began selling its products to more than just masons in 1932. During the World War II era, Acacia Life liberalized the “war clauses” on most of its life policies, earning it the moniker, the “Serviceman’s Company.”
Acacia Life continued its growth for decades. In response to clients’ needs for a more full service financial organization, Acacia Life purchased Calvert Group, Ltd. (Calvert) in 1984. Today, Calvert is a leader in fixed income and sustainable and responsible investing. In 1985, Acacia Life received Congressional approval for the creation of Acacia Federal Savings Bank. I