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William Penn
William Penn Life Insurance Company of New York was founded in 1962 and was originally named "Modern Life Insurance Company". The name was eventually changed to William Penn Life Insurance Company in 1975, and was acquired by Legal & General Group, Plc in 1989. They are currently operated as a wholly-owned subsidiary of Banner Life, and markets products via independent agencies in the state of New York. William Penn Life Insurance Company of New York had total assets as of 12/31/09 of approximately $1 billion.
Their parent company, Banner Life Insurance, was founded in 1949 as Government Employees Life Insurance Company (GELICO). Banner Life was attained as a fully owned subsidiary by Legal & General Group Plc in 1981. Banner Life's national presence along with William Penn's long, illustrious brokerage experience compounds into a forceful combination.
