USAA was founded in 1922 in San Antonio by a group of 25 US Army officers as a mechanism for mutual self-insurance when they were unable to secure auto insurance because of the perception that they, as military officers, were a high-risk group.
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USAA has since expanded to offer banking and insurance services to past and present members of the Armed Forces, officers and enlisted, and their families.
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USAA ranked No 96th in the 2020 Fortune 500 list of the largest United States corporations by total revenue and appeared on Fortune's 2021 Blue Ribbon list of companies, placing No 355 on the Fortune Global 500, No 94 on the Fortune 500, No 55 on the 100 Best Companies to Work For and World's Most Admired Companies.
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USAA was formed based on a meeting of twenty-five United States Army Officers on June 20,1922, at the Gunter Hotel in San Antonio, Texas, to discuss the procurement of reliable and economical auto insurance.
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USAA is headquartered in northwest San Antonio, occupying a 286-acre former horse farm.
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USAA is a pioneer of the concept of direct marketing; most of its business is conducted over the Internet or telephone using employees instead of agents.
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USAA offered restricted membership to civilians between September 2009 and August 2013.
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In 2015, USAA employed more than 32,000 people at its offices throughout the world.
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USAA offers a range of personal property and casualty insurance, including automobile insurance, homeowner insurance, renters' insurance, as well as umbrella and personal property insurance.
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USAA membership is offered to officers and enlisted personnel, including those on active duty, those in the National Guard and Reserve, Officer candidates in commissioning programs and all those who have served in the aforementioned categories and who have retired or have been discharged honorably.
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In 2008, USAA expanded membership eligibility to all military personnel and retirees, and all veterans who separated after 1996.
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In November 2009, USAA expanded eligibility requirements to offer coverage to anyone who has ever served honorably in the US Military.
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USAA has been with USAA since 1988, serving in various leadership positions including President of the Property and Casualty Insurance Group.
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The USAA office building in San Antonio was constructed under his tenure, and McDermott was behind USAA's shift from service-by-mail to service-by-phone.
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USAA was succeeded as CEO by retired Air Force General Robert T Herres.
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USAA has offices in Chesapeake, Virginia; Colorado Springs, Colorado; Plano, Texas; and Tampa, Florida.
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On May 27,2021, USAA announced that it will be adding an additional 750 employees to its 100 employee base in Charlotte, North Carolina.
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USAA will be leasing 90,000 square feet of space in a new building in South End called The Square.
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