North Carolina Insurance

Apart from the fact that the victim of discrimination in housing and recruitment, USA Negro has long been written off as second class lines insurance risk. His life expectancy was low, its income sober, its reliability in the payment of the contribution of the suspect. Stepping over the years, where agents waivered white, USA Negro community formed as its own insurance companies, which now number 60. With the Negro’s per capita income increases, know-Run insurance companies have pledged a portion of its business. You can use a real battle of Durham, North Carolina Mutual Life Insurance Co., the largest Negro-owned enterprises in the USA

North Carolina 800000 a mutual insurance in 14 states and the District of Columbia (including outside the South, Pennsylvania, New Jersey, Illinois, California). Last week, the company announced that its entire policy in 1963 increased by $ 8000000 to $ 345 million. Ranked 195 It is the USA 1500 insurance companies, far from giants such as Prudential and Metropolitan, but it is constantly enlarged by the acquisition and new policy in writing, a growth rate of at least consistent 5% per annum. The company develops evening, a new story, concrete form headquartered in Durham, the city the highest structure and the nation’s largest Negro-owned offices.

From his own pocket. North Carolina Mutual had an uncertain start 65 years in the back room of a Barber Shop-Durham. Barber, John Merrick, one of seven founders, has received few hints of tobacco Magnate Washington Duke (his family founded the American Tobacco Co.), said unfair trade practices and razed at the same time. But Duke’s board was not very useful when companies fight, where his first life insurance: to cover the payment of $ 10 deadline, the company had only 290 in cash. Merrick Backer and another plunged into their pockets for the difference, then the entry widows of Durham’s Negro neighborhood to prove the integrity of the young company slogan: “merciful for all.”

Long charity, but little time on reserves and experience, business growth has gone from crisis to crisis. Then the company to hire a former teacher named Asa T. Spaulding, the New York University Graduate, was just one of the Negro, the first nation of Actuaries. It reduces too broad interests, introduced more rigid medical examinations and began to climb exercised’s cowardly mutual staff officers. In 1943 the company was fairly black for its first dividend payment and has not failed since. North Carolina, born Spaulding, now 61, was elected president in 1959.

Do not forget. North Carolina offers the same range of insurance policies than its competitors, but the policy is on average much smaller (about $ 4000). Conservatives investment activities, it is estimated that 54% of its assets in bonds, other 27% in mortgages. He assured Elizabeth Taylor, Frank Sinatra and Marshall Field, but never forget where its real strength, focuses on the growing dimension of politics in possession of their clientele mostly Negro. “Finally,” says Spaulding, “Negro wants a house and one is sick and must send their children to College exactly like all others, too. It has the same problems, the assurance of a white fact.