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Mon, 08.22.1898

The North Carolina Mutual Life Insurance Company is Founded

The founding of North Carolina Mutual Life Insurance Company (NCM) in 1898 is celebrated on this date.  Founded by John Merrick, it is headquartered in Durham, NC. It was one of the first Black-owned insurance companies in America. Charles Spaulding was also instrumental in building NCM’s legacy.

In the first decade of the 20th century, the company prospered, establishing subsidiaries and supporting a variety of local businesses. Spaulding was elevated to vice president in 1908, and then to secretary-treasurer in 1919 when the firm officially changed its name to the North Carolina Mutual Life Insurance Company. By 1920, the company had over 1,000 employees and several offices along the East Coast.

In 1923, Spaulding became president, a position he held until his death in 1952. To honor its past, the North Carolina Mutual Life Insurance Company (NCM) created The Heritage Room to preserve and document the rich history of the company. Located on the 12th floor of the home office building, the Heritage Room is a pictorial exhibit containing 33 panels that chronicle the company's first 100 years.

NCM is currently ranked among the top 500 life insurers in the nation in terms of total premium income. It is the largest black-managed insurance company in the United States. NCM is the largest mutual insurance company domiciled in the state of North Carolina.  Founded during Reconstruction, North Carolina Mutual has been guided by the principles of self-sufficiency, and today has assets of $210 million, a surplus of $26.2 million, and insurance in force of $14.1 billion. The company operates in 24 states and the District of Columbia.

Reference:
North Carolina Mutual Life Insurance Company,
411 W. Chapel Hill Street,
Durham, North Carolina 27701
(919) 682-9201

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Reference:

NCMutual Life.com

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