Mutual Fire Insurance Assn Of New England Inc history

The New England issued its first life insurance policy in February 1844.

The first dividends—20% of the policy premium—were paid by NEL in 1848.

In 1865 he chaired the Chamber of Life Insurance, the first insurance trade association.

These results reflected the Union Mutual’s immediate financial success as a result of its frugality of business practice, despite a raging fire in Montpelier in 1874 that caused some $200,000 worth of damage in the city.

In 1885, NEL’s 50th-anniversary, total insurance in effect was $65 million.

As early as 1908, NEL began to use independent auditors to review the company books.

In 1917, the first dividend policy was issued.

The influenza epidemic of 1918 caused NEL to pay claims that were 50% greater than those paid during the war.

Despite the economy, NEL paid its claims. It was not until 1940 that security values, bonds, and mortgages were again carried at amortized rates.

Footprints of Assurance By Alwin E. Bulau, The Macmillan Company, 1953

The Constitution would, in 1956, be used as the NEL logo.

In 1962 NEL built a $7.5 million addition to its building.

By 1964 group life covered 226,000 employees, and $1 billion of insurance was in effect.

Group health in 1966 was $12.9 million and group annuity was $10.9 million.

Although it was no longer strictly a fire insurance company, in 1967 Union Mutual adopted as its emblem an antique torchbearer’s lamp, once used to light the way of volunteer fire brigades.

Concerns about exposure to catastrophic windstorms and hurricanes in the State of Florida led the Company to discontinue business there in 1968.

Anderson resigned from NEL as chairman and director in 1971.

John A. Fibiger was hired in 1973 to boost group insurance sales, and the long term group disability and group variable annuity markets were explored.

In 1978 premium taxes levied on Massachusetts companies were replaced with a stipulation that insurance companies invest $100 million over five years into the Massachusetts economy through the Massachusetts Capital Resources Corporation.

NEL purchased Covenant Life Insurance, in 1981, in order to have a stock subsidiary available in planning for the future.

In 1982 NEL mutual funds had substantial assets.

NEL showed its first loss in 1985, an $11.8 million operating loss.

Also in 1987, the Company participated in a joint venture to satisfy the automobile markets by creating the Champlain Casualty Company.

In 1990 Loomis had $21 billion under management.

The Company approved an affiliation with Community Mutual Insurance Company effective November 18, 2013, to further expand the footprint in New York State.

Our logo was updated in 2016 with a modern lantern design to reflect our dedication to our longstanding traditions while staying at the cutting edge of technology.