Central Security Life is our flagship company. CSLIC is a wholly owned subsidiary Insmark Company, and it owns all outstanding shares of Western American Life Insurance Company. Central Security is licensed to do business in all states except: California, Connecticut, Florida, Hawaii, Iowa, Maine, Massachusetts, Minnesota, New Hampshire, New Jersey, New York, Pennsylvania, Rhode Island, Vermont, Virginia, and Wisconsin. CSLIC accepts business written by independent agents.
CSLIC was incorporated on February 19, 1955 and commenced insurance operations on October 3, 1955. We purchased the company in 1987 and moved its corporate headquarters from Fort Worth, Texas to Richardson, Texas in 1988. Central Security administers the policies for all companies in the Maximum Corporation group.
As of December 31, 2015, CSLIC had approximately 41,400 policies in force.
Western American Life Insurance Company is a wholly owned subsidiary of Central Security Life. WALIC is a stipulated premium insurance company licensed to do business in Texas only. Although incorporated on October 14, 1966, WALIC has an interesting history dating back to 1895. WALIC writes direct business through independent agents across Texas.
As of December 31, 2015, WALIC had approximately 19,200 policies in force.
Effective 12/31/2015, Champions Life Insurance Company (Champions) was merged into its subsidiary Central Security Life Insurance Company (CSLIC). All policies and obligations of Champions were assumed by CSLIC on the same terms as if the policies and obligations were still being carried by Champions. At the closing of the merger, all assets, liabilities and obligations of Champions were allocated 100% to CSLIC effective December 31, 2015. All assets, liabilities and obligations of CSLIC will remain in CSLIC. The merger of Champions and CSLIC will result in CSLIC becoming the survivor entity.
Merger Certificates were mailed to all Champions policyholders by January 31, 2016.
Maximum Corporation is an insurance holding company engaged in growth of its insurance business primarily through the acquisition of other insurance companies and the assumption reinsurance of blocks of business.
Maximum Corporation is owned by six individuals. Because they are related to each other, James G. Lewis, Amy H. Lewis, William H. Lewis, Jr, Kayleen Welsh, Bryan E. Earls, and Carrie L. Earls each have indirect control of 100% of Maximum Corp.
The consolidated assets of the three insurance companies within MaxCorp total $117,120,709. The total amount of insurance in force for the three companies is $312,848,000. *
* Central Security Life Insurance Company and Western American Life Insurance Company do not have any financial responsibility for each other's products.
Insmark Company is incorporated in the state of Texas. It is a wholly owned subsidiary of Maximum Corporation, and it owns all of the outstanding shares of Central Security Life Insurance Company.