Time runs out for United Life & Accident Insurance Company

When the Lincoln Fiscal Group sells its business office park and campus in Concord’s North Conclude (you can buy it for $6 million) and no extended has a presence as an employer in Capital City, it will close the publications on more than a century of record of lifetime insurance underwriting for a succession of companies.

This story commenced back in 1913 when a team of Concord’s foremost citizens proven the United Lifetime & Incident Insurance policy Business, 1st situated at 65 North Most important Road in the heart of the city’s downtown. Between the early executives and administrators have been brothers S.W. and John B. Jameson, Benjamin W. Crouch, fire and casualty insurance coverage govt Charles L. Jackman, and clerk of the new corporation. Allen E. Hollis, one of the city’s most distinguished attorneys (Hollis turned president of United existence in 1923).

The company would seem to have had close connections with the Republican Celebration, as New Hampshire Govs. Rolland H. Spaulding (elected 1916) and Henry W. Keyes (elected 1918) ended up additional to the company’s board of directors.

The younger existence insurance corporation prospered and had brokers selling its item up and down the jap seaboard. It stored most of its reserves in non-fascination bearing accounts in Harmony banks, making the bankers happy. It also invested in railroad and municipal bonds and it bought up some 6% farm home loans in Kansas and Nebraska. Then came the bust – the Excellent Depression and the Dust Bowl in the plains states. United Daily life suffered reversals as properly, and even stopped spending dollars to procure new business.

Submit World War II, the sun reappeared for the enterprise, and in 1951, it moved to the previous Durgin Silver Enterprise making at 2 White Road (now home of UNH’s Franklin Pierce Faculty 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 experienced prospered to the extent that it grew to become an eye-catching takeover goal, and in a defensive move, Orr steered the enterprise into a helpful takeover by Keene-based mostly Peerless Insurance policies Firm, over which Orr also exercised command. Soon, even though, United Lifestyle eclipsed Peerless in value and Orr engineered a stock break up that returned United Lifetime to independence. Orr also hired a younger Yale Regulation College graduate whose father had been Orr’s roommate at Dartmouth and Harvard Law College. His name was John F. Swope, and he would figure enormously in the company’s long term.

United Everyday living continued to mature and prosper, innovating a new product in the late 60s referred to as ULAICO, which merged lifetime insurance plan with securities ownership. Less than its “Hampshire Plan,” brokers bought coverage that turned paid up in 10 decades together with an attractive mutual fund investment. It was a massive achievement, and United Daily life was again a primary takeover target. Wanting to handle its destiny as substantially as probable, the corporation employed a merger expert, T. Benson Leavitt, and charged him with soliciting the most effective provide.

The suitor that in shape turned out to be a New Jersey firm, Chubb Insurance plan Organization, whose chairman, Percy Chubb, was an alumnus of Concord’s St. Paul’s School. The in good shape concerning Chubb and United Everyday living was a excellent a person and the merger was consummated in the summer time of 1971. That was the close of United Life’s company identify, but rarely the close of the story.

John Swope had assisted steer United Daily life to its pinnacle of accomplishment, and in 1977 he was rewarded by becoming named President of Chubb Insurance plan Organization. Quickly thereafter, Chubb moved out of the White Avenue developing and into a model new “campus” termed A single Granite Location, uphill from the intersection of Rumford and Penacook streets. A 96,000-square-foot, 4-story setting up housed the growing organization for only a couple of decades and a different 114,000-sq.-foot creating 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 enterprise adopted its new title, Chubb LifeAmerica. Chubb used about 750 persons in Concord at its peak in the 80s and early 90s.

Harmony obtained from the presence of the Chubb operations within just its borders. Swope and the Chubb management became lively in encouraging the town gain a constructive recognition in the arts world, providing generously to the Capitol Heart for the Arts (exactly where the massive stage and auditorium had been named the Chubb Theatre), the Harmony Metropolis Auditorium, New Hampshire General public Radio and a lot more. The functions of area artists were hung in the public areas of the Chubb properties. And John Swope, and his spouse, Marjory, turned acknowledged local community leaders. Swope says the company’s civic engagement mirrored the commitment of United Life’s founders to general public services.

Matters went along generally effectively and the firm grew till the early 90s when Wall Avenue pressured Chubb to return to its roots as a house and casualty organization, and to offer off its lifetime insurance policies organization. Swope was compelled out as president on Dec. 31, 1994 and his put was taken by mergers and acquisitions expert Theresa Stone, who engineered the sale of the existence insurance corporation to North Carolina-based mostly Jefferson-Pilot Corporation. Afterwards, Jefferson-Pilot moved its headquarters to Nebraska, and in 2006, merged with Pennsylvania-based Lincoln National Lifetime Insurance Organization. That diversified to come to be Lincoln Economical Team, and a gradual but deliberate downsizing of the Concord functions started. That leads us to the conclusion of the highway for the small everyday living insurance company recognized as United Daily life and Accident Insurance plan Company.

To study far more about this story, and about many other insurance businesses that grew as Concord progressed, see “Insurance: the small business that replaced the railroad,” Chapter 14 of “Crosscurrents of Change: Harmony, N.H. in the 20th Century” published by the Harmony Historical Culture. It may well be procured at the Society site or at Gibson’s Ebook Retail store.

About Marie C. Delgado

Check Also

Rivian follows Tesla into another business with the launch of 'Rivian Insurance'

Rivian follows Tesla into another business with the launch of ‘Rivian Insurance’

Rivian is asserting these days the launch of its personal insurance plan arm: Rivian Coverage. …