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GREAT AMERICAN RESERVE INSURANCE COMPANY

GREAT AMERICAN RESERVE INSURANCE COMPANY. The Great American Reserve Insurance Company, headquartered in Amarillo, sells life, health, and annuity insurance throughout the United States. The firm, first called the All American Assurance Company, represents a continuation of the Great American Accident Insurance Company of Dallas, a mutual-assessment company organized in 1924 and reactivated in 1935. It was first incorporated under Texas law in 1937 in Dallas by cofounders Travis T. Wallace and C. O. Hambleton, then changed its name to Great American Reserve later that year and by the end of the year absorbed the assets and capital of the Great American Accident Insurance Company. Hambleton left the business, and Wallace remained as president. In 1968 the reserve became a subsidiary of the Great American Reserve Corporation of Dallas, and a subsequent merger with its parent company, J. C. Penney, resulted in transfer of its ownership to the J. C. Penney Life Insurance Company in 1975. The Lumberman's Investment Corporation, a subsidiary of Time, Incorporated, purchased the firm from J. C. Penney in 1982 for $76 million, enabling it to acquire Voyager Life Insurance to bolster its annuity insurance productivity and facilitating its subsequent acquisition by Temple-Inland Corporation. In 1990 Conseco Incorporated, an insurance holding company, purchased the Great American Reserve for $145 million. In the 1990s the firm employed 1,025 representatives and specialized in markets for school and public-sector employees.

BIBLIOGRAPHY: 

Dallas Business Journal, March 5, 1990.

Bryan Hicks

Citation

The following, adapted from the Chicago Manual of Style, 15th edition, is the preferred citation for this article.

Bryan Hicks, "GREAT AMERICAN RESERVE INSURANCE COMPANY," Handbook of Texas Online (http://www.tshaonline.org/handbook/online/articles/djgpt), accessed August 23, 2014. Uploaded on June 15, 2010. Published by the Texas State Historical Association.