WILLIAM PENN LIFE INSURANCE CO. OF NY
AM Best Grade: A+ (Superior) 5 stars
Address: 100 Quentin Roosevelt Blvd., Garden City, NY 11530
Also known as: Banner Life Insurance, Legal and General of America
William Penn Life Insurance Company was founded as Modern Life Insurance Company in 1963. In 1967 it was acquired by ITT Hamilton Life Insurance Company and it ended up changing it’s name three more times over the next eight years. In 1975 it became William Penn Insurance Company of New York and was acquired as a wholly owned subsidiary of Banner Life (Legal and General) in 1989. William Penn Life Insurance Company only sells life insurance products through independent brokers in the state of New York. It’s parent company Banner Life is licensed to sell life insurance products in the other 49 states as well as the District of Columbia.
Both Banner Life and William Penn Life Insurance Company of New York are subsidiaries of the British based company, Legal and General which was founded in a London coffee shop in 1836. Legal and General is an international life insurance company with operations in the United States, France, the Netherlands, India, Egypt, and the Gulf.
Legal and General is publicly traded on London’s Stock Exchange and throughout it’s 178 years in business has proven it’s credibility in doing business as well as it’s ability to withstand economic changes. In 2014 the company reported to have $6.2 Billion dollars in assets as well as $634 Billion dollars of life insurance policies in force.
To learn more about Legal and General, Banner’s parent company, please click here.
By Cliff Pendell, August, 2015