USAA logo | |
Company type | Private |
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Industry | Financial Services |
Founded | 1922 |
Headquarters | San Antonio, Texas, USA |
Key people | Robert G. Davis, Chairman & CEO Tim Handren, COO Joe Robles, CFO Greg Schwartz, CIO |
Products | Insurance, Banking, Investing |
Revenue | ![]() |
Number of employees | ~21,000 (2004) |
Website | www.usaa.com |
USAA Group is a financial services company headquartered in San Antonio, Texas, that offers insurance, including life insurance; banking services through the USAA Federal Savings Bank; financial planning; and discount brokerage and investment services including a line of mutual funds. Other ventures include a real estate investment company, a mail-order retail catalog operation, and travel services. As an insurer they operate as an unincorporated reciprocal inter-insurance exchange (URIE) under Chapter 942 of the Texas Insurance Code [1]. They extend membership primarily to current and former U.S. military personnel and thier families and as of 2004 it had over $81 billion in assets under management for approximately 5 million customers.
The United Services Automobile Association was founded in 1922 by a group of military officers, operated illegally for two years, and then applied for a Certificate of Authority from the Texas Department of Insurance. Previously, it had been difficult for military personnel to obtain insurance because of the hazardous nature of their profession.
The mission of USAA is to facilitate the financial security of its members, associates and their families through provision of a full range of highly competitive financial products and services; in so doing, USAA seeks to be the provider of choice for the military community.
The USAA headquarters in San Antonio is the largest privately-owned office building (in terms of square footage) in the world. This building is now 50% empty: and slated for demolition when the move to Pheonix is completed.
Legal Tactics
Extraordinary Rendition: On Wednesday, December 14, 2005, at about 10 AM, each of the 2.2 million individual "natural person" members of the URIE (which is unincorporated], authorized their agent attorney in fact [AIF] Robert G. Davis [Davis] to arrange for the arrest of subscriber Robert J. Koenig [Koenig] by 4 plain-clothed Deputy Sheriffs for writing a book, the working book and film title for which is "Grand Theft - Insurance".
Koenig was transported in shackles to the Nassau County Correction Center [NCCC] and was placed in solitary confinement and held incommunicado for 6 days in a 6' x 8' cell. Koenig was fed in his cell. Koenig was denied any sort of writing implement, paper, and any means to contact a lawyer. The cell was brightly-lit 24 hours a day. Koenig was provided with only an orange shirt, orange prison trousers, and orange thin-soled sandals. On the evening of the 6th day, Koenig was cross-arm shackled to another prisoner, who had just shot and killed a drug dealer, and transported by closed truck to a satellite facility of the jail and released into a cell-block of about 50 prisoners. On Tuesday, December 20th, Koenig was released by Judge Robert Roberto of the Nassau Supreme Court.
Ratings
- A.M. Best Company: A++ (Superior)
- Moody's Investor Service: Aaa (Exceptional)
- Standard and Poor's: AAA (Extemely Strong)
Litigation against USAA
External links
- USAA home page
- USAA Real Estate Company
- USAA Educational Foundation, a nonprofit organization providing consumer information