Fireman's Fund Insurance Company
Encyclopedia
Fireman's Fund Insurance Company, based in Novato, Calif., provides personal and commercial property and casualty insurance products in the United States.
The company is a principal U.S. subsidiary of Allianz SE, a global financial services company that is the 20th largest corporation in the world based on revenue (Fortune Global 500, August 2010). Allianz SE employs nearly 155,000 people worldwide.
Fireman’s Fund offers a ranging portfolio of coverage, including personal auto, homeowners, excess, and collections insurance for high-net-worth clients. Commercial insurance products include entertainment, business office policies, workers compensation, general, professional, and excess liability, auto, and farm and ranch coverage.
Today, the company continues a similar social mission through its Heritage Program, in which it provides millions of dollars each year in grants for equipment, training and educational programs to local fire departments across the United States.
Since its inception, Fireman’s Fund has insured some of America’s notable landmarks and inventions, including the Golden Gate Bridge and the Spirit of St. Louis. Today, it is the largest insurer and underwriter of Hollywood movies.
1871 – The company paid all if its claims from the Great Chicago Fire – about a half million dollars worth – within 60 days, nearly wiping out all of the company’s capital.
1905 – The company had roughly 6,000 independent agents.
1906 – Fireman’s Fund offered the first auto insurance policy.
1906 – San Francisco earthquake destroyed Fireman’s Fund’s headquarters and all records, but it was able to pay all policyholder claims with a combination of cash and stock. Claims were taken “on their word” as all insurance documents were destroyed.
1920s – Insured the first movies with sound. Since then, the company has insured movies ranging from “Top Gun” to “Lord of the Rings” and is currently the largest insurer of Hollywood films.
1927 – Insured Charles Lindbergh's Spirit of St. Louis.
1936 – The company grew to1,500 employees and about 10,000 independent agents.
1953 – Moved its headquarters to a modern facility in San Francisco’s Laurel Heights neighborhood.
1957 – Premium income topped $300 million.
1968 – American Express acquired Fireman’s Fund.
Early 1980s – Outgrew its space in San Francisco and moved the headquarters north to Novato, Calif.
1984 – Insured the ABC telecast of the 1984 Olympics.
1985 – Fireman’s Fund was sold off by American Express and became an independent company.
1991 – Allianz AG acquired Fireman’s Fund.
2001 – All of the company’s 109 New York employees located in the south tower of the World Trade Center survived the terrorist attack.
2004 – Fireman’s Fund launched the Heritage Program, a recommitment of its founding philanthropic mission to support the fire service. Grants are given to local fire departments to help purchase new equipment, tools and training.
2006 – Created the first green insurance products in the United States.
The role of each rating agency is to inform policyholders about the ability of a company to pay claims, both short-term and long-term.
Commercial Insurance offers businesses and organizations risk management by providing admitted and non-admitted solutions, customized products for a variety of industries and program business for small to mid-sized affinity programs.
Personal insurance for high-net-worth and affluent customers includes home, auto, valuables, excess liability, art, wine, and jewelry collections, yacht, and watercraft.
Fireman’s Fund has provided Farm and Ranch insurance for American farmers since 1876 – owner occupied family farms and larger scale agricultural operations for ranchers, farmers, and dairy owners.
Fireman’s Fund was the first insurer in the United States to offer green insurance coverage for both personal and commercial lines, starting in 2006.
PIMCO (Pacific Investment Management Company LLC
Allianz Life Insurance Company of North America
Mondial Assistance
Lori Dickerson Fouché was named president and chief executive officer of Fireman’s Fund Insurance Company in July 2011.
Previously, she was head of the company’s Commercial Insurance business, an operating unit consisting of nearly $2 billion in insurance premiums. She was promoted to that role in August 2008.
Before, Fouché served as chief operating officer for Fireman’s Fund’s Specialty business, a position she assumed in February 2007. In that role, she led the field underwriting organization and was responsible for quality assurance and regulatory compliance. She joined the company in February 2006 as senior vice president of Specialty marketing, directing strategies and tactics for innovation, customer focus, internal communications, and traditional marketing activities.
Before joining Fireman’s Fund, Fouché worked for Chubb & Son. She joined Chubb as an intern and advanced to senior vice president, private company product manager of Chubb Specialty Insurance. She served in a variety of underwriting, product management, training and marketing positions during her Chubb tenure.
Fouché has also worked as a management consultant for the Parthenon Group.
She received her bachelor’s degree in history with a certificate in American studies from Princeton University, and a master’s degree in business administration from Harvard Business School.
Fouché was selected to Business Insurance magazine’s “Women to Watch” list, as well as the “75 Most Powerful Women in Business” list by Black Enterprise magazine in 2009. In 2007, Fouché was selected as one of the “40 Under Forty” Achievers from The Network Journal magazine. In 2005, she was honored by the YWCA of Central New Jersey with the Tribute to Women in Industry (TWIN) Award.
Today, through the company’s self-titled “Heritage Program,” Fireman’s Fund awards grants to U.S. fire departments for equipment, training and community education programs. Some grants are also given to fire and burn prevention organizations.
Since 2004, Fireman's Fund has donated more than $28 million to over 1,800 local fire departments across the country.
Independent insurance agents/brokers that sell Fireman’s Fund products direct these grants to support fire stations in their communities. Company employees can also nominate fire departments for grants.
Fireman's Fund has won numerous corporate responsibility awards for this grant program, including the 2008 American Business Award for Best Corporate Social Responsibility Program.
, a documentary which originally aired on the History Channel in 2005. The film is now available on DVD and the company has offered programs to sell the DVD with a portion of the proceeds going back to the fire service.
The company is a principal U.S. subsidiary of Allianz SE, a global financial services company that is the 20th largest corporation in the world based on revenue (Fortune Global 500, August 2010). Allianz SE employs nearly 155,000 people worldwide.
Fireman’s Fund offers a ranging portfolio of coverage, including personal auto, homeowners, excess, and collections insurance for high-net-worth clients. Commercial insurance products include entertainment, business office policies, workers compensation, general, professional, and excess liability, auto, and farm and ranch coverage.
History
Fireman’s Fund Insurance Company was founded in 1863 in San Francisco. Its name reflects its founding mission in which 10 percent of profits were paid to the widows and orphans of fallen firefighters.Today, the company continues a similar social mission through its Heritage Program, in which it provides millions of dollars each year in grants for equipment, training and educational programs to local fire departments across the United States.
Since its inception, Fireman’s Fund has insured some of America’s notable landmarks and inventions, including the Golden Gate Bridge and the Spirit of St. Louis. Today, it is the largest insurer and underwriter of Hollywood movies.
Timeline
1863 – Ship captain William Holdredge founded Fireman’s Fund Insurance Company in San Francisco. Its first policy was one-half interest in 1,000 kegs of Boston syrup. The premium was $12 cash in advance.1871 – The company paid all if its claims from the Great Chicago Fire – about a half million dollars worth – within 60 days, nearly wiping out all of the company’s capital.
1905 – The company had roughly 6,000 independent agents.
1906 – Fireman’s Fund offered the first auto insurance policy.
1906 – San Francisco earthquake destroyed Fireman’s Fund’s headquarters and all records, but it was able to pay all policyholder claims with a combination of cash and stock. Claims were taken “on their word” as all insurance documents were destroyed.
1920s – Insured the first movies with sound. Since then, the company has insured movies ranging from “Top Gun” to “Lord of the Rings” and is currently the largest insurer of Hollywood films.
1927 – Insured Charles Lindbergh's Spirit of St. Louis.
1936 – The company grew to1,500 employees and about 10,000 independent agents.
1953 – Moved its headquarters to a modern facility in San Francisco’s Laurel Heights neighborhood.
1957 – Premium income topped $300 million.
1968 – American Express acquired Fireman’s Fund.
Early 1980s – Outgrew its space in San Francisco and moved the headquarters north to Novato, Calif.
1984 – Insured the ABC telecast of the 1984 Olympics.
1985 – Fireman’s Fund was sold off by American Express and became an independent company.
1991 – Allianz AG acquired Fireman’s Fund.
2001 – All of the company’s 109 New York employees located in the south tower of the World Trade Center survived the terrorist attack.
2004 – Fireman’s Fund launched the Heritage Program, a recommitment of its founding philanthropic mission to support the fire service. Grants are given to local fire departments to help purchase new equipment, tools and training.
2006 – Created the first green insurance products in the United States.
Financial Strength Ratings
Fireman’s Fund has received some of the highest financial strength ratings available from Standard & Poor’s, A.M. Best and Moody’s. These ratings were affirmed in May 2011.- Excellent (A) rating from the A.M. Best Company
- Strong (A+) rating from Standard & Poor's
- Good (A2) from Moody's
The role of each rating agency is to inform policyholders about the ability of a company to pay claims, both short-term and long-term.
Business Model
Fireman’s Fund works with independent agents and brokers and is powered by two primary business units: commercial insurance (includes agribusiness) and personal insurance.Commercial Insurance offers businesses and organizations risk management by providing admitted and non-admitted solutions, customized products for a variety of industries and program business for small to mid-sized affinity programs.
Personal insurance for high-net-worth and affluent customers includes home, auto, valuables, excess liability, art, wine, and jewelry collections, yacht, and watercraft.
Fireman’s Fund has provided Farm and Ranch insurance for American farmers since 1876 – owner occupied family farms and larger scale agricultural operations for ranchers, farmers, and dairy owners.
Fireman’s Fund was the first insurer in the United States to offer green insurance coverage for both personal and commercial lines, starting in 2006.
U.S.-based sister organizations
Allianz Global InvestorsPIMCO (Pacific Investment Management Company LLC
Allianz Life Insurance Company of North America
Mondial Assistance
Management
Lori Dickerson Fouché, Chief Executive OfficerLori Dickerson Fouché was named president and chief executive officer of Fireman’s Fund Insurance Company in July 2011.
Previously, she was head of the company’s Commercial Insurance business, an operating unit consisting of nearly $2 billion in insurance premiums. She was promoted to that role in August 2008.
Before, Fouché served as chief operating officer for Fireman’s Fund’s Specialty business, a position she assumed in February 2007. In that role, she led the field underwriting organization and was responsible for quality assurance and regulatory compliance. She joined the company in February 2006 as senior vice president of Specialty marketing, directing strategies and tactics for innovation, customer focus, internal communications, and traditional marketing activities.
Before joining Fireman’s Fund, Fouché worked for Chubb & Son. She joined Chubb as an intern and advanced to senior vice president, private company product manager of Chubb Specialty Insurance. She served in a variety of underwriting, product management, training and marketing positions during her Chubb tenure.
Fouché has also worked as a management consultant for the Parthenon Group.
She received her bachelor’s degree in history with a certificate in American studies from Princeton University, and a master’s degree in business administration from Harvard Business School.
Fouché was selected to Business Insurance magazine’s “Women to Watch” list, as well as the “75 Most Powerful Women in Business” list by Black Enterprise magazine in 2009. In 2007, Fouché was selected as one of the “40 Under Forty” Achievers from The Network Journal magazine. In 2005, she was honored by the YWCA of Central New Jersey with the Tribute to Women in Industry (TWIN) Award.
Charitable Giving
Fireman’s Fund Insurance Company was founded with a mission to support the widows and orphans of fallen firefighters. Over the years, the company’s charitable giving has transitioned into an effort of prevention and safety.Today, through the company’s self-titled “Heritage Program,” Fireman’s Fund awards grants to U.S. fire departments for equipment, training and community education programs. Some grants are also given to fire and burn prevention organizations.
Since 2004, Fireman's Fund has donated more than $28 million to over 1,800 local fire departments across the country.
Independent insurance agents/brokers that sell Fireman’s Fund products direct these grants to support fire stations in their communities. Company employees can also nominate fire departments for grants.
Fireman's Fund has won numerous corporate responsibility awards for this grant program, including the 2008 American Business Award for Best Corporate Social Responsibility Program.
Into The Fire
Fireman's Fund was integral in putting together Into the FireInto the Fire (2005 documentary)
Into the Fire is a documentary film directed by Bill Couturié. It first aired on the History Channel in 2005. It was made with assistance from the Fireman's Fund Insurance Company....
, a documentary which originally aired on the History Channel in 2005. The film is now available on DVD and the company has offered programs to sell the DVD with a portion of the proceeds going back to the fire service.
External links
- Official site, Fireman's Fund Insurance – www.ffic.com
- Allianz SE Official site – www.allianz.com
- Supporting Fire Services – www.firemansfund.com/heritage
- Insurance Information Institute – www.iii.org
- Insurance Institute for Business and Home Safety – www.ibhs.org