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20th Century Industries 20th Century Industries is the
eighth largest publicly-held personal automobile insurer
in the United States and the fifth largest insurer of
private passenger automobiles in California. 20th Century Industries markets
personal automobile and personal excess liability
insurance exclusively in California through it's two
wholly-owned subsidiaries: 20th Century Insurance Company
and 21st Century Casualty Company. Currently, 20th
Century insures approximately one million automobiles
throughout the state. The company receives 75 percent of
its new business through referrals from current
policyholders and the annual renewal rate of existing
policyholders is well in excess of 96 percent. At year-end 1996, 20th Century
Industries' assets totaled $1.5 billion with $937.1
million in revenues. In 1996, the company wrote $828
million in net premiums. Headquartered in Woodland Hills,
California, 20th Century is traded on the New York Stock
Exchange under the trading symbol TW. Operating Philosophy Employees/Facilities Senior Management 20th Century's Board of Directors is
chaired by John B. De Nault. A Los Angeles private
investor, Mr. De Nault previously held the position of
Vice Chairman of the Board, and has served as a director
since the company's founding. Community Involvement For example, more than $1.7 million has
been raised in employee contributions for United Way
campaigns over the last five years. 20th Century also is
an active participant in the local "Adopt-A-School
programs, has designed and sponsored "Operation
Anti-Scam," a community service program to educate
the public about fraud, and "Operation Crime
Alert," a community service program to educate the
public about burglary prevention. In 1996, 20th Century took a leading role as the founding sponsor to create the Los Angeles Unified School District Police Academy Magnet School, a new high school magnet program designed to teach citizenship and community service and to prepare young people for careers in law enforcement. Most recently, 20th Century sponsored the development of the public service program "A Driving Need". This film documentary produced and aired through the Los Angeles public television station KCET, provides senior drivers, their families, and caregivers with basic information and useful tips to ensure continued safety behind the wheel. History In 1968, the decision was made to
convert the inter-insurance exchange to a capital stock
company for two reasons. First, the federal government
had minimized the tax advantages for the exchange.
Secondly, the California Department of Insurance raised
the capital and surplus requirements of reciprocals to $1
million. The decision was considered one of the most
unique in the annals of business in California. The
policyholders of the exchange ultimately became
stockholders in the newly structured 20th Century
Industries. The profits in the exchange were used as a
base for measuring the amount of equity the policyholder
would be entitled to in the new company. As a result,
people who had bought insurance to save money received
the added benefit of becoming stockholders. The decision served the company well.
In 1969, 20th Century wrote $2 million in premiums; $5
million was reached in 1972; and $10 million in 1975. |