First American Property and Casualty Insurance Group
In 1979, First American Property & Casualty (formally Great Pacific) began business and changed its name to First American Property & Casualty Insurance Company in 1999. At that time the company wrote specialty insurance in a small number of states, but had plans for rapid expansion.
From 1993 through 1998, First American Property & Casualty (Great Pacific) outperformed the combined loss and expense ratio for the entire insurance industry for the category of fire insurance. This performance helped the company earn an “Excellent” (A) rating from A.M. Best, the oldest and most recognized rating service in the world to report on insurer financial performance.
First American Property and Casualty now writes policies throughout the nation and specializes in property insurance with four major types of insurance: Homeowners, Dwelling Fire, Condominium and Renter’s.
Backed by an insurance service leader with more than a century of experience, First American Property and Casualty Insurance Company is ready to deliver the peace of mind that comes from a reputable insurance provider.
First American Corporation is proudly traded on the NYSE under the symbol FAF.
History of First American Corporation
Humble Beginnings: A One-County Abstract Company
First American traces its roots to 1889, when Orange County, California—a rural, undeveloped area at the time—split off from the county of Los Angeles. Two firms opened to handle title matters in the brand-new county. Five years later, C.E. Parker, a local businessman, succeeded in merging the two competitors into a single entity. He was named president of the resulting company—Orange County Title Company—the immediate predecessor to today’s First American Title Insurance Company, the largest subsidiary of First American Financial Corporation.
During its first 70 years, the company’s growth paralleled that of Orange County—modest but steady. It earned a reputation for diligence, thoroughness and friendly, personal service. In 1924, it became one of the first abstract companies in California to qualify to issue policies of title insurance.
Donald Parker Kennedy, grandson of the founder, joined the company after finishing law school in 1948. He soon realized that the company needed to expand beyond the boundaries of the county in order to survive. In 1957, the board of directors authorized an expansion plan with the intent of becoming a powerhouse in the Southern California market. However, the decision to provide services where its existing customers had operations soon led the company far beyond California’s borders. In 1963, D.P. Kennedy was named president of the company, taking over for his uncle, George Parker. By this time, the company had changed its name to First American and was operating in four states.