When the Lincoln Fiscal Group sells its business office park and campus in Concord’s North Stop (you can purchase it for $6 million) and no more time has a presence as an employer in Money Metropolis, it will shut the publications on more than a century of history of everyday living insurance plan underwriting for a succession of providers.
This tale began back in 1913 when a team of Concord’s major citizens established the United Everyday living & Accident Insurance coverage Company, initially positioned at 65 North Principal Road in the heart of the city’s downtown. Amongst the early executives and administrators were brothers S.W. and John B. Jameson, Benjamin W. Crouch, fire and casualty insurance coverage executive Charles L. Jackman, and clerk of the new enterprise. Allen E. Hollis, one particular of the city’s most notable legal professionals (Hollis became president of United everyday living in 1923).
The company looks to have experienced near connections with the Republican Bash, as New Hampshire Govs. Rolland H. Spaulding (elected 1916) and Henry W. Keyes (elected 1918) ended up extra to the company’s board of directors.
The younger lifetime insurance coverage corporation prospered and experienced agents selling its solution up and down the eastern seaboard. It stored most of its reserves in non-desire bearing accounts in Harmony banks, making the bankers delighted. It also invested in railroad and municipal bonds and it purchased up some 6% farm mortgages in Kansas and Nebraska. Then arrived the bust – the Fantastic Melancholy and the Dust Bowl in the plains states. United Life suffered reversals as well, and even stopped expending income to procure new company.
Write-up Entire world War II, the sun reappeared for the firm, and in 1951, it moved to the former Durgin Silver Business building at 2 White Road (now property of UNH’s Franklin Pierce School of Law). New leadership on the board of administrators came in the person of legal professional Dudley W. Orr, and as president, Douglas B. Whiting.
By the late 50s, United Daily life had prospered to the extent that it became an appealing takeover target, and in a defensive shift, Orr steered the business into a pleasant takeover by Keene-dependent Peerless Insurance plan Organization, around which Orr also exercised command. Shortly, however, United Life eclipsed Peerless in price and Orr engineered a stock split that returned United Lifetime to independence. Orr also employed a younger Yale Regulation University graduate whose father had been Orr’s roommate at Dartmouth and Harvard Legislation University. His name was John F. Swope, and he would figure considerably in the company’s long term.
United Lifestyle ongoing to expand and prosper, innovating a new merchandise in the late 60s called ULAICO, which merged existence coverage with securities ownership. Underneath its “Hampshire Program,” brokers sold insurance plan that grew to become compensated up in 10 a long time together with an appealing mutual fund investment. It was a huge success, and United Lifetime was all over again a prime takeover goal. Wanting to management its destiny as a lot as probable, the corporation employed a merger expert, T. Benson Leavitt, and charged him with soliciting the greatest present.
The suitor that match turned out to be a New Jersey organization, Chubb Insurance policy Firm, whose chairman, Percy Chubb, was an alumnus of Concord’s St. Paul’s College. The fit amongst Chubb and United Lifestyle was a fantastic one particular and the merger was consummated in the summer time of 1971. That was the conclusion of United Life’s company title, but rarely the finish of the tale.
John Swope experienced served steer United Existence to its pinnacle of results, and in 1977 he was rewarded by staying named President of Chubb Insurance policies Organization. Before long thereafter, Chubb moved out of the White Street creating and into a manufacturer new “campus” known as One particular Granite Put, uphill from the intersection of Rumford and Penacook streets. A 96,000-sq.-foot, 4-story making housed the escalating firm for only a handful of several years and a different 114,000-sq.-foot building went up in 1985, all of this on a campus of 178 acres. Chubb named John Swope President of Chubb in 1977, and in 1982, the firm adopted its new title, Chubb LifeAmerica. Chubb used about 750 individuals in Harmony at its peak in the 80s and early 90s.
Harmony acquired from the existence of the Chubb operations in its borders. Swope and the Chubb management became active in aiding the town gain a favourable recognition in the arts planet, offering generously to the Capitol Heart for the Arts (where the large stage and auditorium were being named the Chubb Theatre), the Concord Town Auditorium, New Hampshire Community Radio and a lot more. The operates of neighborhood artists have been hung in the community regions of the Chubb properties. And John Swope, and his wife, Marjory, became regarded group leaders. Swope claims the company’s civic engagement mirrored the determination of United Life’s founders to general public service.
Issues went together frequently effectively and the firm grew until the early 90s when Wall Avenue pressured Chubb to return to its roots as a property and casualty business, and to sell off its everyday living insurance policies business enterprise. Swope was compelled out as president on Dec. 31, 1994 and his area was taken by mergers and acquisitions professional Theresa Stone, who engineered the sale of the existence insurance coverage corporation to North Carolina-based mostly Jefferson-Pilot Company. Later, Jefferson-Pilot moved its headquarters to Nebraska, and in 2006, merged with Pennsylvania-based mostly Lincoln Countrywide Daily life Insurance Enterprise. That diversified to come to be Lincoln Financial Team, and a gradual but deliberate downsizing of the Concord operations began. That qualified prospects us to the end of the highway for the very little existence insurance provider recognised as United Everyday living and Accident Insurance policy Firm.
To examine additional about this story, and about various other coverage businesses that grew as Harmony progressed, see “Insurance: the business enterprise that replaced the railroad,” Chapter 14 of “Crosscurrents of Modify: Harmony, N.H. in the 20th Century” released by the Harmony Historical Society. It may perhaps be obtained at the Culture web page or at Gibson’s E book Retailer.