Reliance Group Holdings history

Reliance Group Holdings has grown from a small office data-processing equipment firm in 1961 into a major insurance and financial-services group in one generation under one chief.

Another subsidiary, Regent Insurance Company, also started in 1963 in Wisconsin, writes auto, fire, inland marine, workers’ compensation, and other insurance.

The company grew rapidly, expanded its capabilities, and in 1965 went public.

In the year 1966 the RIL was founded by Shri Dhirubhai H.Ambani it was started as a small textile manufacturer unit.

By 1968, Leasco sought to diversify its fields of business.

In 1971, the parent company formed Reliance Financial Services Corporation, an intermediate holding company for its insurance branches.

In 1972, the Reliance insurance group divided its pool so that Reliance Insurance Company and its subsidiaries handled most standard lines, while United Pacific Insurance Company handled the nonstandard and other operations.

In December 1973 Leasco Corporation changed its name to Reliance Group, Inc.

In 1977, the company moved into real estate, forming Continental Cities Corporation, which became Reliance Development Group, Inc.

In 1981, Steinberg, still chairman of the board and chief executive officer decided to make the company private.

In 1982, Reliance insurance group expanded its life insurance business, as United Pacific Life Insurance Company marketed annuities for savings and retirements.

The value of Reliance’s investments took a nose dive with the stock market crash of 1987.

Reliance Insurance Company remained the biggest part of the group, which also included specialized risk and surety companies such as Reliance National Insurance Company, bought by the company in 1988 to write specialty lines.

Expansion continued in 1989.

The title and mortgage-insurance branch grew with the purchase of Transamerica Title Insurance Company from Transamerica Corporation in 1990.

Reliance became the first corporate in Asia to issue bonds in the U.S at the year of 1996-97.

Reliance's PET chips has been accepted internationally due to their high quality during the year 1997-98 and in the same year Reliance Industries Planned to invest around Rs.