Mutual Benefit Life Insurance Company

at , Newark , 07104 United States

1. Organization

Description

The Mutual Benefit Life Insurance Company was a life insurance company that was chartered in 1845 and based in Newark in Essex County, New Jersey, United States. 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 taken into receivership for rehabilitation 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. As with all life insurance carrier liabilities, the policy cash values and death benefits were taken over by stronger and larger carriers in the U.S. and all policyholders were kept whole. At the time, the collapse was the largest ever of an American insurer. AMEV acquired the group life, accident and health insurance Mutual Benefit in 1991. SunAmerica acquired the remaining divisions in 1998. Effective June 14, 2001, Mutual Benefit was liquidated and dissolved.Landmark buildingsThe company's original headquarters building at 300 Broadway 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.

Company Rating

179 FB users likes Mutual Benefit Life Insurance Company, set it to 25 position in Likes Rating for Newark, New Jersey in Organization category

Summary

Mutual Benefit Life Insurance Company is Newark based place and this enity listed in Organization category. 07104.