jcorr
Super Genius
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What's the oldest life insurance company in the U.S.? I know New York Life started in 1845. I'm guessing there might be an older one but I can't seem to find any.
Oldest Life Insurance Company in the U.S.?
- Thread starter jcorr
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Mutual of New York (MONY) is the oldest continuous writer of insurance in the United States. Chartered 1842 and began business 1843.
Funny story about MONY. Their top agent in the 1850s would get all of his clients to sign proxies over to him for voting. Because he had so much control, it drove MONY nuts so they basically bought him out and he moved to Wisconsin (I think he had a non-compete in NY). In 1857 he helped found a new life insurance company in Janesville, Wisconsin -- Northwestern Mutual Life.
Funny story about MONY. Their top agent in the 1850s would get all of his clients to sign proxies over to him for voting. Because he had so much control, it drove MONY nuts so they basically bought him out and he moved to Wisconsin (I think he had a non-compete in NY). In 1857 he helped found a new life insurance company in Janesville, Wisconsin -- Northwestern Mutual Life.
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They had a couple of firsts. This is from their site.
Manhattan Life Insurance Company, one of the oldest continuously operating companies in the world, was founded in 1850.
We issued the first ever group life insurance contract and issued one of the first life policies to a woman.
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Wasn't Manhattan Life nicknamed "Old Faithful" as they paid out the first Civil War widow's pension (Confederate side, I believe)?
And there was a story just a few years back where a daughter was collecting one of those pensions. She was WAY old and in a nursing home. If I remember correctly, her father was really old, around 70 when she was born, then when he passed the mother got the pension then she did.
It was really low, like maybe $40 a month or less. I'll try and dig it up tomorrow.
And there was a story just a few years back where a daughter was collecting one of those pensions. She was WAY old and in a nursing home. If I remember correctly, her father was really old, around 70 when she was born, then when he passed the mother got the pension then she did.
It was really low, like maybe $40 a month or less. I'll try and dig it up tomorrow.
I believe they are part of the AXA group now? MONY, not Northwestern but they may have been bought out too.
You made me google some things. It looks like the oldest insurance company, and it still is in business, is Philadelphia Contributionship. It was founded in 1752 by some guy named Ben Franklin.
History - The Philadelphia Contributionship
History - The Philadelphia Contributionship
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jcorr
Super Genius
- 129
Ben who?
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But it's not a life insurance company.
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Ben Franklin you say? I've never heard of him either. Probably some nobody.
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