Founders Insurance
Founders Insurance Company is a wholly owned subsidiary of Nationwide Holdings, Inc., specializing in the writing of Non-standard personal automobile coverage, primarily in the Chicago area. They entered the automobile insurance market in 1989, when Illinois' mandatory auto liability insurance law became effective. Founders currently maintains an A- (Excellent) rating from A. M. Best.
In recent years, Founders has increased its geographical spread of risk beyond the Chicago area by expanding into downstate Illinois, Indiana, Wisconsin, Iowa, Michigan, Ohio, Alabama and Oregon. Business is generated through approximately 300 independent agencies with billings on a direct and agency basis. They are also licensed in Arizona, Arkansas, Nevada and Pennsylvania.
The company was incorporated on August 25, 1972 as Illinois Founders Insurance Company under Illinois law to become successor to the Illinois Founders Mutual Insurance Company (organized in 1901) and began business September 30, 1972. Nationwide Holdings, Inc., Chicago, Illinois, acquired complete financial control of the company on June 15, 1982. The company operated as Illinois Founders Insurance Company until the name was changed to Founders Insurance Company on July 22, 1999.