USF&G
Encyclopedia
USF&G was an American
insurance
company which existed from 1896 until 1998. Originally called United States Fidelity and Guaranty Company, the Baltimore, Maryland-based company was organized on March 19, 1896, and commenced business on August 1, 1896. John Randolph Bland was the company's principal founder.
In 1970, it built the 37-story, pink granite-clad USF&G Building
in Baltimore's Inner Harbor area. The building helped spark economic redevelopment in the area, and continues to be a Baltimore landmark. The USF&G Building remains (as of 2009) Baltimore's tallest building, Maryland's tallest building, and the tallest building between Raleigh, North Carolina
, and Philadelphia, Pennsylvania
.
The insurer formed a holding company
for its insurance businesses and changed its name to USF&G in July 1981. It rapidly diversified its businesses, but encountered significant financial difficulties in most of them throughout the 1980s. By 1990, the company was teetering on the brink of bankruptcy. That year, Norman Blake was brought in as chief executive officer, and Blake quickly shed business units, fired most of the top management, and refocused the company on its core insurance business so that by 1992 USF&G was once more highly profitable.
USF&G was acquired by the Saint Paul Companies
in January 1998 for $2.8 billion. Although the name continues to be used, the company effectively ceased to exist at that time.
.
From 1987 to 1995, the company sponsored the Sugar Bowl
, a post-season college
football
bowl game
.
The company also sponsored the Formula One
team Arrows Grand Prix International from 1986 to 1990. In 1988 and 1989 USF & G sponsored the United States Club Lacrosse Association Championship Game that was shown on TV.
United States
The United States of America is a federal constitutional republic comprising fifty states and a federal district...
insurance
Insurance
In law and economics, insurance is a form of risk management primarily used to hedge against the risk of a contingent, uncertain loss. Insurance is defined as the equitable transfer of the risk of a loss, from one entity to another, in exchange for payment. An insurer is a company selling the...
company which existed from 1896 until 1998. Originally called United States Fidelity and Guaranty Company, the Baltimore, Maryland-based company was organized on March 19, 1896, and commenced business on August 1, 1896. John Randolph Bland was the company's principal founder.
In 1970, it built the 37-story, pink granite-clad USF&G Building
Legg Mason Building
Transamerica Tower , is a 40-story skyscraper in downtown Baltimore, Maryland completed in 1973. At , it is the tallest building in Baltimore, the tallest building in Maryland, and the tallest building between Philadelphia and Raleigh...
in Baltimore's Inner Harbor area. The building helped spark economic redevelopment in the area, and continues to be a Baltimore landmark. The USF&G Building remains (as of 2009) Baltimore's tallest building, Maryland's tallest building, and the tallest building between Raleigh, North Carolina
Raleigh, North Carolina
Raleigh is the capital and the second largest city in the state of North Carolina as well as the seat of Wake County. Raleigh is known as the "City of Oaks" for its many oak trees. According to the U.S. Census Bureau, the city's 2010 population was 403,892, over an area of , making Raleigh...
, and Philadelphia, Pennsylvania
Pennsylvania
The Commonwealth of Pennsylvania is a U.S. state that is located in the Northeastern and Mid-Atlantic regions of the United States. The state borders Delaware and Maryland to the south, West Virginia to the southwest, Ohio to the west, New York and Ontario, Canada, to the north, and New Jersey to...
.
The insurer formed a holding company
Holding company
A holding company is a company or firm that owns other companies' outstanding stock. It usually refers to a company which does not produce goods or services itself; rather, its purpose is to own shares of other companies. Holding companies allow the reduction of risk for the owners and can allow...
for its insurance businesses and changed its name to USF&G in July 1981. It rapidly diversified its businesses, but encountered significant financial difficulties in most of them throughout the 1980s. By 1990, the company was teetering on the brink of bankruptcy. That year, Norman Blake was brought in as chief executive officer, and Blake quickly shed business units, fired most of the top management, and refocused the company on its core insurance business so that by 1992 USF&G was once more highly profitable.
USF&G was acquired by the Saint Paul Companies
St. Paul Travelers
The Travelers Companies is the largest American insurance company by market value. It is also the second largest writer of U.S. commercial property casualty and the third largest writer of U.S. personal insurance through independent agents. Travelers has headquarters in St. Paul, Minnesota and...
in January 1998 for $2.8 billion. Although the name continues to be used, the company effectively ceased to exist at that time.
Sport sponsorships
The insurer sponsored the golf tournament known as the New Orleans Open beginning in 1981. In its first year, the tourney was known as the USF&G New Orleans Open, but was retitled the USF&G Classic in 1982. That sponsorship ended in 1991, and the event is now known as the Zurich Classic of New OrleansZurich Classic of New Orleans
The Zurich Classic of New Orleans is a regular golf tournament on the PGA Tour. It is played annually in New Orleans, Louisiana; its historic date has been in April, but was moved to March in 2008. Zurich Financial Services is the main sponsor of the tournament.From the event's inception through...
.
From 1987 to 1995, the company sponsored the Sugar Bowl
Sugar Bowl
The Sugar Bowl is an annual American college football bowl game played in the Mercedes-Benz Superdome in New Orleans, Louisiana. The Sugar Bowl has been played annually since January 1, 1935, and celebrated its 75th anniversary on January 2, 2009...
, a post-season college
College football
College football refers to American football played by teams of student athletes fielded by American universities, colleges, and military academies, or Canadian football played by teams of student athletes fielded by Canadian universities...
football
American football
American football is a sport played between two teams of eleven with the objective of scoring points by advancing the ball into the opposing team's end zone. Known in the United States simply as football, it may also be referred to informally as gridiron football. The ball can be advanced by...
bowl game
Bowl game
In North America, a bowl game is commonly considered to refer to one of a number of post-season college football games. Prior to 2002, bowl game statistics were not included in players' career totals and the games were mostly considered to be exhibition games involving a payout to participating...
.
The company also sponsored the Formula One
Formula One
Formula One, also known as Formula 1 or F1 and referred to officially as the FIA Formula One World Championship, is the highest class of single seater auto racing sanctioned by the Fédération Internationale de l'Automobile . The "formula" designation in the name refers to a set of rules with which...
team Arrows Grand Prix International from 1986 to 1990. In 1988 and 1989 USF & G sponsored the United States Club Lacrosse Association Championship Game that was shown on TV.