Alfred M. Best
Encyclopedia
Alfred M. Best was an American actuary
, born in Caldwell
, New Jersey, US.
At the age of 15, Best began his career in the insurance industry as a junior clerk with the Queen Insurance Company of America in New York
. He continued to work in the insurance field for various companies over the next six years. He learned about the necessity of providing a source of information concerning the reliability of insurance institutions and also gained a lot of first-hand knowledge about the industry.
In 1899, he founded the A. M. Best Company, Inc., which he led through the money panic of 1907, World Wars I and II, the speculative 1920s and the stock market crash of 1929. The company experienced tremendous growth between 1899 and 1958, when Alfred M. Best died at the age of 81. Many of the publications that were produced during Best's presidency are still in production today.
Throughout his lifetime, Best was often called upon to testify before congressional committees and courts to make statements about the insurance industry. He was an honorary member of the Drug and Chemical Club of New York, Director of the Vermont Symphony Orchestra, Honorary Trustee of the Southern Vermont Art Association, and a Member of the Jersey Cattle Club. Shortly before his death, Alfred M. Best was appointed the Insurance Man of 1958 by the Federation of Insurance Counsels. After his death, he was inducted into the Insurance Hall of Fame
in 1962 for his leadership, innovation, integrity and vision.
Actuary
An actuary is a business professional who deals with the financial impact of risk and uncertainty. Actuaries provide expert assessments of financial security systems, with a focus on their complexity, their mathematics, and their mechanisms ....
, born in Caldwell
Caldwell, New Jersey
Caldwell is a borough located in northwestern Essex County, New Jersey, about outside of New York. As of the 2010 United States Census, the borough population was 7,822....
, New Jersey, US.
At the age of 15, Best began his career in the insurance industry as a junior clerk with the Queen Insurance Company of America in New York
New York
New York is a state in the Northeastern region of the United States. It is the nation's third most populous state. New York is bordered by New Jersey and Pennsylvania to the south, and by Connecticut, Massachusetts and Vermont to the east...
. He continued to work in the insurance field for various companies over the next six years. He learned about the necessity of providing a source of information concerning the reliability of insurance institutions and also gained a lot of first-hand knowledge about the industry.
In 1899, he founded the A. M. Best Company, Inc., which he led through the money panic of 1907, World Wars I and II, the speculative 1920s and the stock market crash of 1929. The company experienced tremendous growth between 1899 and 1958, when Alfred M. Best died at the age of 81. Many of the publications that were produced during Best's presidency are still in production today.
Throughout his lifetime, Best was often called upon to testify before congressional committees and courts to make statements about the insurance industry. He was an honorary member of the Drug and Chemical Club of New York, Director of the Vermont Symphony Orchestra, Honorary Trustee of the Southern Vermont Art Association, and a Member of the Jersey Cattle Club. Shortly before his death, Alfred M. Best was appointed the Insurance Man of 1958 by the Federation of Insurance Counsels. After his death, he was inducted into the Insurance Hall of Fame
Insurance Hall of Fame
The Insurance Hall of Fame is an international list of business leaders in the insurance field. It was founded in 1957 and has more than 100 inductees. It is kept by the University of Alabama in the United States. Its first inductee was Benjamin Franklin, presumably for his efforts in establishing...
in 1962 for his leadership, innovation, integrity and vision.