Life Insurance Companies In New Jersey

Life Insurance Companies In New Jersey – Founded in 1792 in Philadelphia. It was one of the largest American insurance companies of the 19th and 20th centuries until it merged with Connecticut General Life to form CIGNA in 1982 and was acquired by global insurer ACE Limited (now Chubb Limited).

In 1792, Boston merchant Samuel Blodgett moved to Philadelphia. He did so in part to seek a commission from President George Washington to oversee the construction of a new federal city on the banks of the Potomac River (an avid architect, Blodgett would later design the First Bank of the United States building in Philadelphia.

Life Insurance Companies In New Jersey

Life Insurance Companies In New Jersey

), as well as a business partnership with former US Postmaster General Gerald Ebezer Azar, who owns a computer house in the city.

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Azar previously invested in an idea called Blodget’s Boston Tontine, a type of early annuity fund that also functioned as a lottery for the last surviving investor. It didn’t work, but Blodgett and Hazard decided to try again in Philadelphia, the largest city in North America. They named their new venture the Universal Tontine Association and this time gave it a life of 21 years, after which the association would be dissolved and the surviving investors would distribute the rest of the fund.

The Universal Tontine Association also failed to generate the expected interest. In November 1792, its investors met at the Pennsylvania State House (today’s Independence Hall) to decide what to do with their funds. On November 12, they accepted the proposal to create a general insurance company, “Insurance Company of North America”.

On November 19, the investors adopted articles of association that allowed the company to write fire, life or marine insurance, but initially the investors would focus exclusively on marine.

The company started with $600,000 and sold its shares at $10 each. Investors subscribed for the first 40,000 shares within a day, and on December 10 they gathered again at the State House to elect directors.

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The next day the directors held their first board meeting at the City Tavern in Philadelphia. There they elected merchant and underwriter John Maxwell Nesbitt as president and Hazard as secretary. On December 15, the company opened at 119 (now 223) South Front Street. The first policy was to Nesbitt’s trading firm, Conyngham, Nesbitt & Co., for the voyage of an American ship from Philadelphia to Derry.

On December 18, the company applied to the Pennsylvania Legislature for a corporate charter. Opposition from private underwriters and others took the Legislature more than a year to approve the petition; Governor Thomas Mifflin signed the statute containing the INA on April 14, 1794.

Soon after incorporation, INA entered the field of fire insurance. Although Philadelphia already had two fire insurance companies, the Philadelphia Houses Insurance Company (1752) and the Philadelphia and Vicinity Mutual Assurance Company (1784), the INA was different. The existing fire insurance companies were subsidiaries of voluntary fire associations and covered only loss of buildings. INA introduced the concept of building insurance with its marine insurance.

Life Insurance Companies In New Jersey

INA’s first fire insurance policy for German Dry Goods on William Beinroth’s home at 211 High Street (today’s Market Street) in Philadelphia. The first fire sign of the INA was a six-pointed star made of lead and mounted on a wooden shield; In 1796, the INA adopted a new symbol of an eagle rising from a rock.

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In 1807, the INA wrote fire insurance from New Hampshire to Georgia. In October, with the wars in Europe rendering marine insurance increasingly useless, INA director Alexander Hry proposed extending insurance to the Lexington, Kentucky, state line.

The board of directors appointed Hrin chairman of a committee “to consider the propriety and propriety of extending fire insurance to other cities and towns in other states.” Hry’s committee offered support, and the council authorized INA president John Inskeep to “appoint suitable and trustworthy persons to act as surveyors and agents for the company whose duty it is to survey and certify the condition of all buildings for which insurance is required. “and property at the expense of the persons applying for them”. 1808 On January 26, Inskip appointed ministers in Lexington, Frankfort, and Louisville, Ct. Washington, Pennsylvania, near the Ohio border; and Cincinnati.

This is often considered the beginning of the “American System”, and in 1957 a marker was placed on the campus of Transylvania College in Lexington, Kentucky, commemorating eut’s 150th anniversary.

In 1850, INA acquired property at 232 Walnut Street in Philadelphia to begin its longest-serving home office location.

File:mutual Benefit Life Insurance Company, Newark, Essex County, Nj.jpg

Although it demolished and rebuilt the office twice (1851; 1880–1881), the INA served as its headquarters at 232 Walnut Street until 1925 and as a local office in Philadelphia until 1942.

The INA appointed its first agents outside the United States in 1873 in Canada.

In 1897, he appointed the Yang-Tzu Insurance Association as his agent in Shanghai, becoming the first American company to write insurance in China.

Life Insurance Companies In New Jersey

In both the 1871 Chicago fire and the 1906 San Francisco earthquake and fire, INA was one of the few insurance companies to pay its losses in full.

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In 1890, INA began writing modern inland marine insurance. This included automobile insurance in 1905, but the company soon found that car owners cared more about accidents than property protection.

As a fire and marine company, INA was unable to write casualty insurance, so in 1920 it formed its first true subsidiary, the Indemnity Insurance Company of North America.

During World War I, the INA joined with other American insurance companies to form the American Foreign Insurance Association (AFIA).

The INA withdrew from the association in 1921, but continued to expand internationally. By the start of World War II, the company had service offices in Canada, China, Mexico, and the United Kingdom, and had offices around the world.

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In the 1920s, INA outgrew its Philadelphia home office at 232 Walnut Street and built a new 16-story office building west of present-day downtown Philadelphia.

The Insurance Company of North America building at 1600 Arch Street opened in 1925 and was designated a National Historic Landmark in 1978.

INA emerged from the Great Depression as one of the nation’s largest insurance companies, with total assets of approximately $117 million in December 1941. In his statement, A.M. Best of all, it had the largest policyholder surplus (over $75 million) of any American fire insurance company.

Life Insurance Companies In New Jersey

In 1942, INA celebrated its 150th anniversary with a history of the company by Pulitzer Prize-winning historian Marquis James and a biography of the business published by Bobbs-Merrill.

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In the 1940s, INA president of the National Association of Insurance Commissioners (NAIC) John A. Dimendi was appointed the chairman of the commission that will discuss the topic of “multilateral” placement. the idea that companies other than life insurance can write different forms. – life insurance combining several types of insurance into one policy.

In 1950, the INA invented what became the most successful of all multilateral policies: the homeowners policy. Homeowners policies combine different types of fire, theft and liability insurance that were previously offered separately by insurance companies into one policy. It has recently become INA’s most popular and highly expressed product. In 1951, the US insurance industry paid out $777,000 per policy, all from the INA; By 1960, he had written 750 million dollars.

In the 1950s, INA embarked on two notable marketing initiatives. In 1955, it began an eight-year sponsorship of CBS Radio’s popular Sing A Christmas Carol, starring Bing Crosby.

And in 1957, he signed an agreement with Walt Disney in which INA sponsored and staffed an information booth (known as “Sad Corner”) on the Main Street area of ​​Disneyland USA and produced the film “Family Safety and Family Happiness.” series spent. conferences in the park.

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As competition grew from “direct writers” (laws such as Allstate and State Farm sold insurance directly to consumers rather than through independent insurance agents), INA looked for ways to diversify as an insurance company. : INA established a life insurance subsidiary, Life Insurance Company of North America,

In 1956; In 1965, INA acquired the Pacific Employers Group (PEG) of Los Angeles and expanded its operations to the US West Coast and into workers’ compensation. PEG’s leader, Pacific Employers Insurance Company,

Founded in 1923, it pioneered workers’ compensation and by 1937 was the largest insurance company in California.

Life Insurance Companies In New Jersey

As the financial services industry emerged in the 1960s, INA’s directors sought to further diversify into insurance-related and non-insurance businesses. Government regulations made it difficult for an insurance company to do so, so in 1967 the directors formed a holding company called INA Corporation. On May 29, 1968, INA became a subsidiary of INA Corporation, having been a publicly traded company for over 175 years.

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, continues to be one of the active insurance companies of INA Global Insurance Group,

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