Fred Loya Net Worth, Company Overview (Latest)

Fred Loya Insurance is an insurance company based in Texas that provides Hispanic 500 car insurance. In 2016, there were 5,200 employees and 700 branches of this company in Arizona, Alabama, California, Georgia, Colorado, Illinois, New Mexico, Indiana, Nevada, Ohio as well as in Texas. The company is the 18th biggest Latino-owned enterprise in the country.

Fred Loya, a Latino, owns the company and is based in El Paso, Texas. In 1974, Loya started selling insurance. Loya merged three claims centers in San Antonio in 2008.

Fred Loya net worth

Over 5,200 employees work for Fred Loya Insurance Agency, which earns over $500 million in revenue each year. This company falls under the category of insurance agencies & brokers.

Fred Loya Net WorthOver $500 million (Last Updated 2021)  
EmployeesOver 5,200
Twitter Account@FredLoyaIns
Instagram Account@fred_loya_insurance
Primary Industry5242 Insurance Agencies & Brokerages

Fred Loya Insurance company: Overview

Loya Insurance Group was founded by Fred Loya in 1974. In its early days, it had a single storefront but now has over 361 offices located in Colorado, California, Illinois, Nevada New Mexico, and Texas.

Loya Insurance Group has offices all over the country in locations like shopping malls, grocery stores, and street corners. The agencies are both in small towns as well as large cities, with a special emphasis on reaching lower-income individuals.

Lawsuits and fines

After Loya was found to have used false advertisements and not followed its own criteria for offering discounts on policies, a $300,000 fine was imposed on the auto insurer in 2012.

Moreover, Loya Casualty Insurance Company, and Fred Loya Insurance Agency have been named in a proposed class action lawsuit. Loya is alleged to have failed to pay wages as required by California law in this lawsuit by the Plaintiffs. Upon successful resolution of the class action, ex-employees and current workers can receive their wages back.