Spotlight:
Moments That Mattered

Key Milestones at Hylant:

• Patrick R. Hylant joined the company and launched the Employee Benefits division.
• Patrick became positioned to take over as CEO upon Robert E. Hylant’s retirement.

Toledo in the 1970s:

• The city began to feel the impact of the Rust Belt decline, with factory closures and shifts in the local job market.
• The Toledo Museum of Art opened its Glass Pavilion, reflecting the city’s long history as the “Glass Capital of the World.”

In Insurance

• Equity Funding Corporation of America: Rose as a Wall Street favorite by selling life insurance tied to mutual funds, but in 1973, it was revealed that 60,000 policies were fraudulent, leading to a $2 billion embezzlement scandal.
• Separate Mortality Tables: The NAIC introduced gender-specific mortality tables, enabling more accurate life insurance pricing.
• Catastrophe Modeling: In the 1970s, catastrophe modeling was created to assess the financial impact of natural disasters, enhancing insurers' risk management.
• Automation & Computerization: The widespread use of computers began in the 1970s, automating claims processing and increasing efficiency.
• Electronic Data Interchange (EDI): EDI facilitated electronic information exchange between insurers and stakeholders, streamlining claims and cutting administrative costs.
• No-Fault Auto Insurance: Several states implemented no-fault auto insurance laws to lower litigation expenses and expedite claims.
• Environmental Liability Insurance: New environmental regulations spurred the development of insurance products for pollution and environmental damage.

Around the World

• Watergate Scandal: The political scandal led to President Richard Nixon’s resignation in 1974.
• End of the Vietnam War: The war officially ended in 1975 with the fall of Saigon.
• Environmental Movement: The first Earth Day was celebrated in 1970, marking growing awareness of environmental issues.
• Oil Crisis: In 1973 and again in 1979, oil embargoes caused fuel shortages and economic disruption worldwide.
• Technological Advances: The first personal computers emerged, including the Apple I in 1976.
• Women's Rights: The feminist movement gained momentum, advocating for workplace equality and the ERA.
• Punk Rock: Bands like the Ramones and the Sex Pistols ushered in a bold new music and cultural movement.
• Saturday Night Fever: The disco craze peaked in the late '70s, symbolized by the release of this iconic film in 1977.
• Apollo-Soyuz Mission: In 1975, the U.S. and Soviet Union collaborated in space, a symbol of easing Cold War tensions.