Oldest Life Insurance Company in the U.S.?

[TampaHound]

But it's not a life insurance company.

That is true.

 

[rousemark]

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.

Yeah.. The "group" policy was interesting. Not the sort of thing we think of today..They insured a group of Chinese that were being imported as workers to the US. They reinsured 3/4 of the risk. Several died and three jumped overboard. Manhattan paid their share of claims and made $452.00 profit.

 

[pfg1]

Interesting topic. I've always heard that NY Life was the oldest, 1845; Penn Mutual 2nd oldest, 1847. Never bothered to look it up or really cared. LOL

 

[Tahoe Ray]

Wasn't Hartford early 1800s?

 

[goillini52]

Wasn't Hartford early 1800s?

The Hartford was founded in 1810 in Hartford, Connecticut. A group of local merchants gathered in a Hartford inn and, with working capital of $15,000, founded the Hartford Fire Insurance Company.

 

[goillini52]

Yeah.. The "group" policy was interesting. Not the sort of thing we think of today..They insured a group of Chinese that were being imported as workers to the US. They reinsured 3/4 of the risk. Several died and three jumped overboard. Manhattan paid their share of claims and made $452.00 profit.

I couldn't find anything on it, but I thought they had also had the 1st annuity(of some type).

 

[PA Bill]

Philly's own Ben Franklin was an OG Closer. Just like his charitable endowments, the "Ben Franklin Close" is alive and well today!

 

[Todd King]

The sale of life insurance in the U.S. began in the late 1760s. The Presbyterian Synods in Philadelphia and New York founded the Corporation for Relief of Poor and Distressed Widows and Children of Presbyterian Ministers in 1759;[31] Episcopalian priests created a comparable relief fund in 1769. Between 1787 and 1837 more than two dozen life insurance companies were started, but fewer than half a dozen survived.

 

[WinoBlues]

"Ben Franklin Close" is alive and well today!

Very strong when comparing policies.

 

[LostDollar]

Ben Franklin you say? I've never heard of him either. Probably some nobody.

I thought he is the punctual plumber.