Mutual Benefit Life Insurance Company
Encyclopedia
The Mutual Benefit Life Insurance Company was a life insurance company based in Newark, New Jersey
that was chartered in 1845. The company was headed by Frederick Frelinghuysen (1848–1924)
. The company was known as the "Tiffany" of insurance companies, a reference to its reputation as the life insurance
company to the upper classes.
Mutual Benefit Life was seized by the New Jersey Department of Banking and Insurance on July 16, 1991 after losses in an overheated real estate market led to a run
by policyholders. At the time, the collapse was the largest ever of an American insurer. Effective June 14, 2001, Mutual Benefit was liquidated and dissolved.
in Newark is listed in the National Register of Historic Places
. The building was sold to the Archdiocese of Newark and served as home to Essex Catholic High School
until 1979. The building was again sold, and today serves as a nursing home
. The company moved to larger headquarters at 520 Broad Street in 1957, a modern structure that was built in the International Style
as part of the New Newark movement and centered to the north of traditional downtown
. The Mutual Benefit Life Building
in Philadelphia is another another structure associated with the firm.
Newark, New Jersey
Newark is the largest city in the American state of New Jersey, and the seat of Essex County. As of the 2010 United States Census, Newark had a population of 277,140, maintaining its status as the largest municipality in New Jersey. It is the 68th largest city in the U.S...
that was chartered in 1845. The company was headed by Frederick Frelinghuysen (1848–1924)
Frederick Frelinghuysen (1848–1924)
Frederick Frelinghuysen was the president of the Mutual Benefit Life Insurance Company in Newark, New Jersey, for 25 years.-Biography:...
. The company was known as the "Tiffany" of insurance companies, a reference to its reputation as the life insurance
company to the upper classes.
Mutual Benefit Life was seized by the New Jersey Department of Banking and Insurance on July 16, 1991 after losses in an overheated real estate market led to a run
Bank run
A bank run occurs when a large number of bank customers withdraw their deposits because they believe the bank is, or might become, insolvent...
by policyholders. At the time, the collapse was the largest ever of an American insurer. Effective June 14, 2001, Mutual Benefit was liquidated and dissolved.
Landmark buildings
The company's original headquarters building at 300 BroadwayBroadway, Newark, New Jersey
Broadway is a neighborhood in Newark, New Jersey. It is located on the west bank of the Passaic River, in Newark's North Ward, east of Forest Hill and north of Seventh Avenue. The neighborhood extends from Interstate 280 to Belleville. The term "Broadway" has only come into use recently, most...
in Newark is listed in the National Register of Historic Places
National Register of Historic Places
The National Register of Historic Places is the United States government's official list of districts, sites, buildings, structures, and objects deemed worthy of preservation...
. The building was sold to the Archdiocese of Newark and served as home to Essex Catholic High School
Essex Catholic High School
Essex Catholic High School was a four-year Catholic high school located in Newark and East Orange, New Jersey. Essex Catholic High School opened in 1957...
until 1979. The building was again sold, and today serves as a nursing home
Nursing home
A nursing home, convalescent home, skilled nursing unit , care home, rest home, or old people's home provides a type of care of residents: it is a place of residence for people who require constant nursing care and have significant deficiencies with activities of daily living...
. The company moved to larger headquarters at 520 Broad Street in 1957, a modern structure that was built in the International Style
International style (architecture)
The International style is a major architectural style that emerged in the 1920s and 1930s, the formative decades of Modern architecture. The term originated from the name of a book by Henry-Russell Hitchcock and Philip Johnson, The International Style...
as part of the New Newark movement and centered to the north of traditional downtown
Downtown Newark
Downtown Newark is Newark, New Jersey's major central business, retail, and cultural district. It is located at a bend in the Passaic River.Downtown is the site of the original Puritan settlement of Newark. The first settlers, led by Robert Treat, landed not far from the present site of the New...
. The Mutual Benefit Life Building
Mutual Benefit Life Building (Philadelphia)
The Mutual Benefit Life Building is a 25 floor high rise office building at 1845 Walnut Street on Rittenhouse Square in Center City Philadelphia, Pennsylvania, 19103....
in Philadelphia is another another structure associated with the firm.
See also
- National Register of Historic Places listings in Essex County, New Jersey
- List of tallest buildings in Newark
- History of Newark, New JerseyHistory of Newark, New JerseyNewark, New Jersey, was founded in 1666 by Connecticut Puritans led by Robert Treat from the New Haven Colony. The New Haven colonists had been forced out of power for sheltering the judges who had fled to the New Haven Colony after sentencing Charles I of England to death.They sought to establish...