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 Worth||Over $500 million (Last Updated 2021)|
|Primary Industry||5242 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.