As of January 1, 2007, American Mayflower Life Insurance Company of New York (“Mayflower”) merged into Genworth Life Insurance Company of New York (“Genworth”).
Genworth is located at:
600 Third Avenue, Suite 2400
New York, NY 10016
Phone: (888) 436-9678
Genworth no longer sells new life insurance products, however, they still service their book of business as they’re still in business selling other products. If you had an American Mayflower policy and are wanting information on it or to make any changes, simply call Genworth and let customer service know you had an American Mayflower policy.
If you’re looking for new coverage, simply compare quotes on this page or read more about the best life insurance companies in the nation here.
American Mayflower Life Insurance Company History
Mayflower was incorporated under the laws of New York on March 8, 1957. It was originally called “Animal Insurance Corporation of America, a livestock mortality insurer.” The Company was licensed on July 1, 1957, and commenced business on August 1, 1957. On April 24, 1964, upon disposal of its animal insurance business, the Company converted to a stock life insurance company under the laws of New York.
Mayflower was licensed in New York, New Jersey, Connecticut, Rhode Island, Maryland, Virginia, and Florida and had more than $9.5 billion insurance in force. Its financial strength was rated as A+ by A.M. Best, AA by Standard & Poors and AA by Moody’s.
Mayflower was authorized to write life insurance, annuities and accident and health insurance as defined in New York Insurance Law. However, it ceased writing accident and health business in 1970. Historically, life premiums constituted the vast majority of its business.
Mayflower offered term life, whole life, and universal life products which amounted to 58% of total direct premiums written, as well as deferred and single premium immediate annuities, which amounted to 33% of total direct premiums written.
American Mayflower Ownership Transfers
In late 1972, control (93.2%) of the Company was acquired by First Colony Life Insurance Company (“First Colony”), a Virginia domiciled life insurance company. First Colony increased its ownership of the Company to 100% on December 31, 1975, at which time Mayflower became a wholly-owned subsidiary. First Colony was, in turn, a wholly-owned subsidiary of Federal Home Life Insurance Company, a Virginia life insurance company.
As of December 31, 2004, the ultimate parent of Mayflower was General Electric Company, a New York company. Among its mid-level holding companies was GE Financial Assurance Holdings, Inc. (“GEFAHI”). On May 24, 2004, GEFAHI transferred substantially all of its assets, including Mayflower, to Genworth Life Insurance Company of New York (“Genworth”) Genworth. As a result, Mayflower became an indirect wholly-owned subsidiary of Genworth. In March 2006, GEFAHI disposed of its remaining ownership interest in Genworth. As a result of these transactions, Genworth and its subsidiaries, including Mayflower, were no longer affiliated with GEFAHI and its affiliates.
2006 State of New York Insurance Department Report
In March 2006, the State of New York Insurance Department issued a report finding that Mayflower had violated various sections of New York Insurance Law and various Insurance Department Regulations:
A. The Company violated Section 4228(h) of the New York Insurance Law when it failed to provide the actuarial statements of self-support and the related demonstrations on one of its life insurance products. In addition, it was noted that in many instances the Company’s existing actuarial statements of self-support and related demonstrations were incomplete or inadequate.
- B. The Company violated Section 219.2 (a) of Department Regulation No. 34-A when it failed to maintain a system of control over its advertisements.
- C. The Company violated Section 219.5 (a) of Department Regulation No. 34-A and Section 215.17 of Regulation No. 34 when it did not maintain a complete file of all advertisements at its home office.
- D. The Company violated Section 2611(a) of the New York Insurance Law when it requested individuals proposed for insurance coverage to be the subject of an HIV related test without receiving the written informed consent of such individuals, as specified by Section 2611 of the New York Insurance Law. In addition, the Company violated its own underwriting guidelines when it failed to obtain the special authorization forms for HIV blood testing.
- E. The Company violated Section 3207(b) of the New York Insurance Law when it issued policies in excess of the limits prescribed by Section 3207(b) of the New York Insurance Law.
Genworth subsequently resolved each of the concerns expressed in the report to the satisfaction of the New York Insurance Department.
American Mayflower Transition to Genworth
When Mayflower merged with Genworth, notification letters assured policyholders that the changes did not affect terms and conditions of policies and contracts. All administrative and billing procedures then in place were also unaffected. Policyholders and distributors with questions were urged to call the toll- free service number located on their policy or the toll-free service number at 888 GENWORTH (888 436.9678).
Genworth companies are leading providers of term and universal life insurance, long term care insurance, annuities and money management, employee benefits and mortgage insurance. Genworth is a leading insurance holding company, serving the lifestyle protection, retirement income, investment, and mortgage insurance needs of more than 15 million customers, and has operations in 24 countries.
As principal licensed life insurance agent Bennett Bier has helped 1000’s of people purchase life insurance online & over the phone. During his career he has become the go to expert for securing hard to place term and permanent life insurance policies for clients across the nation. With his wealth of knowledge of each life insurance carrier’s products and underwriting he provides honest answers and advice to every client. Bennett Bier and his team will work tirelessly to successfully secure the coverage your family deserves.
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