The building is today owned by the American-Amicable Life Insurance Company of Texas (a subsidiary of Industrial Alliance), and remains the tallest building in Waco by far. The acronym "ALICO" is spelled in red neon letters on the top floor, and can be seen for many miles.
The ALICO Building was one of the few downtown office buildings that survived the 1953 Waco tornado outbreak. It swayed several feet when the tornado hit it directly, but its steel frame structure allowed it to survive the winds.
ALICO stands for Amicable Life Insurance Company. This was the company that incorporated and contracted to have the building built back in 1910. In 1965, Amicable Life Insurance Company and American Life Insurance Company merged to become the American-Amicable Life Insurance Company.