Kentucky Central Life Insurance Company

Early years

Kentucky Central was a small regional life insurance company based in Louisville, Kentucky until 1959 when controlling interest in the company was purchased by Garvice Kincaid, who was also named CEO of KCL until his death. Already one of the most successful businessmen in Kentucky, Kincaid owned interests in radio and television broadcasting, banking, finance, real estate, and was also a managing partner in his own law firm when he purchased KCL.

In 1963, Kincaid announced plans to move the company to Lexington, Kentucky in an attempt to consolidate his many business interests in the Central Kentucky region. Kentucky Central's move came during a "golden era" of business in Lexington, as the city's economy moved from being agrarian in nature (centering on the tobacco and Thoroughbred industry) as other major corporations such as IBM, Ashland Oil, and Jerrico moved to or began expanding operations in the city.

In January 1967, Kincaid bought WKYT-TV from Taft Broadcasting for $2.5 million.

As Lexington and Kentucky Central grew during the late 1960s and early 1970s, Kincaid had a vision for the future of the city and the financial resources available to make his vision a reality. During this time he began investing profits from KCL into various business ventures, including real estate development projects in the downtown Lexington area. The centerpiece of his vision would be Kincaid Towers, a 22-floor high-rise structure at a cost of $20 million, which took nearly six years to complete.

Kincaid would not live to see his dream of Kentucky Central becoming the cornerstone of Lexington as a financial center of the Southeast when he died in 1975. He was succeeded as CEO by William "Bud" Burnett, who would run the company through an additional boom in the company's insurance, real estate, banking, agricultural and broadcasting businesses. However, he was also at the helm of KCL when the company began its collapse.