Finance History | Aflac — Forty Thousand Dollars in Rented Rooms on Broadway
· 1955-11
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Finance History | Aflac — Forty Thousand Dollars in Rented Rooms on Broadway
kevin
People treat Aflac as the Wynnton Road tower that always sold a duck and a cancer rider.
The first book was a new life company in rented downtown rooms.
On 17 November 1955 John Amos and his brothers Paul and Bill formed American Family Life Insurance Company of Columbus.
John had earned $40,000 in legal fees, in mid-1950s dollars, negotiating a Florida gas pipeline and used the sum as seed.
He chose Columbus because Georgia kept a working insurance department, the town had no hometown carrier, and Merrill Lynch already sat on the same streets.
The company received its license on 28 March 1956.
The first-year office staff numbered sixteen, including the Amos family, with about sixty agents walking doors in Georgia and Alabama and collecting premiums weekly.
Cancer insurance followed in 1958 after the life book proved too thin.
The name became American Family Life Assurance Company of Columbus in 1964.
The firm listed on the New York Stock Exchange in 1974 and adopted the Aflac acronym in 1990.
The mechanism is still the Broadway one.
A paycheck can carry a small extra premium that pays cash when a hospital bill arrives, which a major-medical policy does not always do the same week.
Historic Columbus places the first rooms on the northwest corner of 13th Street and Broadway.
A visitor finds later storefronts on that downtown corner.
The duck outgrew the rooms.
The rooms are where the company started.
Photo: Columbus streetscape via Wikimedia Commons.
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