What is the history of Nationwide Insurance?


Quick Answer

Nationwide Insurance began as a small mutual auto insurance company. The company formed under the leadership of Murray T. Lincoln, reports Nationwide's official website. In 1925, the company then known as the Ohio Farm Bureau Federation incorporated as the Farm Bureau Mutual Automobile Insurance Company, with the focus of providing affordable auto insurance to Ohio farmers. In 1926, the company sold its first policy, and in 1928, the company began spreading into other states.

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Full Answer

In 1934, Farm Bureau Mutual began providing insurance to drivers in urban areas and purchased a fire insurance company. This purchase allowed the company to offer property insurance policies, explains Nationwide. In 1955, Farm Bureau Mutual continued to expand, moving into 20 additional states. With this expansion, the company changed its name to Nationwide Insurance.

In 1978, Nationwide completed the construction of its international headquarters in central Ohio. In 1982, Nationwide acquired Farmland Insurance, and in 1997, Nationwide Financial went public, according to the company's website. In the year 2000, the insurer opened Nationwide Arena, serving as the home of the Columbus Blue Jackets hockey team. Nationwide Bank opened to the public in 2007.

In 2009, the Nationwide Corporation purchased the outstanding common stock shares of Nationwide Financial Services that it did not previously own, making Nationwide Financial Services a wholly owned subsidiary of Nationwide. As of January 2016, Nationwide's policyholders continue to own the corporation, which is a Fortune 100 company, explains Nationwide.com. The insurer provides a variety of services, including auto, boat, home, farm and life insurance. It also offers financial services that include mortgages, annuities, long-term savings plans, pensions and specialty health services.

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