American National Insurance Company

History

American National Insurance Company was founded in Texas in 1905. William Lewis Moody, Jr. became president of American National Insurance and Trust Company, relocating its headquarters to Galveston. The following year, he reincorporated the firm as American National Insurance Company. In less than a decade, the company amassed a workforce of 770 and was selling more than $22 million in policies.

During the 1920s, American National's assets grew by 400 percent to over $38 million in value, while it had acquired 27 other companies. The home office in Galveston employed over 500 people and were managing $600 million in policies.

Despite the Great Depression, American National avoided layoffs and maintained profitability, growing assets by 37% from 1930 to 1935. By 1939, its assets reached $82 million, with insurance in force totaling $777 million.

World War II brought rapid growth, and in 1942, American National became the first Texas insurer to surpass $100 million in assets. In 1950, it expanded into accident insurance by acquiring Commonwealth Life and Accident Insurance Company. By 1954, after nearly 50 years of leadership, Moody died, leaving the company to his daughter, Mary Moody Northen. By 1959, insurance in force reached $5 billion.

The late 1950s saw governance challenges, leading to state intervention in the Moody Foundation’s board structure. Leadership changes followed, with W.L. Volger taking the presidency in 1961, succeeded by R.A. Forbush in 1963. Under their guidance, American National diversified, acquiring Securities Management & Research, Inc. (SM&R) and entering financial services. By 1968, insurance in force hit $10 billion.