Founded by W. Frank Hipp and chartered in 1930, Independence Insurance Company immediately reinsured the sickness and accident business of The Liberty Life and thereby assumed those lines of insurance. Additionally, Independence also sold industrial life insurance targeted to a low-income, primarily African-American, clientele. From December 1931 until January 1942, Independence also owned the Chamber of Commerce Building (also known as the Insurance Building) in downtown Greenville. In December 1938, Independence sold all of its life insurance business to Southeastern Life Insurance Company. In 1956, Independence became a wholly-owned subsidiary of The Surety Life Insurance Company, another Hipp-family controlled enterprise. As part of the reorganization of the various Surety companies, Independence changed its name to The Surety Insurance Company in December 1961.