Sunday, July 11, 2010

Cancel for July 11: Mutual Benefit Life Insurance Company

M.  B.  L.  I.  CO.
JUL  11 1899

The Newark, New Jersey-based Mutual Benefit Life Insurance Company was founded in 1845 and dissolved as a firm in 2001.  The company was known as the "Tiffany" of insurance companies because of its high percentage of upper class clientele.  The company was taken over by the State of New Jersey in 1991 after real estate losses prompted a run by policy holders.  The collapse of the firm was the largest ever by an American insurer at that time. 

The original MBLI headquarters at 300 Broadway in Newark is listed in the National Register of Historic Places.  It is currently a nursing home and is owned by the Archdiocese of Newark.

2 comments:

  1. -what's all this buttoning and unbuttoning- (was this way and now that)you can't put a nursing home here,any more?this site should be made into a populated bulkhead of an urban enclosed pedestrian mall...including museum gift shop and food places...and going to new construction in three directions toeard strip malls with under over....the back walls of the cemetary and the industrial area below is eligible for transportation hub building super fund money......an easy 10 billion dollar turn around

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