Northwestern Mutual history

Following the legislature's revocation of the provision requiring a Janesville headquarters, the trustees voted on March 7, 1859, to move the company to Milwaukee.

In 1860, the first out-of-state local agency was appointed, in Iowa.

In 1864, the company paid its first dividends to policy owners.

By 1867, the company had expanded its mortgage holdings beyond Wisconsin, although its principal holdings were still Wisconsin, primarily Milwaukee, real estate.

When Samuel Daggett died in 1868, the company he helped nurture had passed through its formative years.

A year later the company hired salaried loan agents, effectively separating the selling of insurance from the lending of funds. It was revived in 1877 and served as a forum unique to the life insurance industry at which field agents discussed problems of mutual interest and maintained communication with the home office.

NML established an inquiry department in 1878 to cope with a problem inherent in insurance sales, "moral hazard," namely, that persons most likely to submit claims would be those most likely to demand policies.

In 1881 NML created the insurance and agency committee with general responsibility for all phases of the insurance program.

In 1887 the finance committee was established to focus exclusively on financial and investment questions.

By 1907, the company's sales agencies were closely integrated with Northwestern's overall management policies.

When Palmer stepped down in 1908, he had established a managerial succession that made George C. Markham the obvious choice.

In 1909, the company took the lead in the new field of business life insurance for partners and for key personnel.

Michael Cleary, vice-president since 1919, moved to improve the company's relations with agents.

NML led the field in the move toward larger loans, and, after 1925, increased its urban loans.

In 1933, women were accepted as risks for the first time in 58 years, but they were limited to half the insurance a man could purchase.

A "short course" for agents had been introduced in 1935, and sophisticated agent training commenced following the war.

1938: Another round of federal investigations of the insurance industry gives NML high marks.

With the advent of World War II, the war-risk clause was added to policies sold after October 1940.

By 1955, the company ranked fifth in mortgage holdings, and its holdings of private securities had increased relative to the public bonds it purchased during World War II.

The company's version of double indemnity was introduced in 1959.

He introduced extra ordinary life in 1968, which replaced whole life as the company's most popular product within a year, because it helped counter the negative effect of inflation on whole life policies.

In 1969, the company began offering disability insurance.

At 729 feet and 13,632 gross tons, the vessel was the largest ship on the Great Lakes for thirteen years, until 1971.

An addition to the home office, Northwestern Mutual Place, was completed in 1981.

In 1982, NML made its initial move in the direction of group and health insurance by acquiring the Standard of America Life Insurance Company.

In 1985, NML put $250 million into MGIC Investment Corp., a mortgage insurance company hit hard by defaults in the oil-producing states.

1989: With $28.5 billion in assets, NML ranks 10th among nation's insurance companies.

MGIC's 1994 net income hit $159 million, and the business ranked second among mortgage insurers in terms of market share.

NML's experience with disability insurance prompted some operational changes when the company began developing a long-term care product in 1997.

Ericson, president and CEO, told Best's Review in 1999 that NML would remain a policyholder owned company unless regulatory requirements or taxation changes forced the move.

NML laid the groundwork for a trust company in 2000.

Insurance companies were hard hit by the catastrophic events of September 11, 2001.

Content developed by the Northwestern Mutual Archives. *"Worlds Most Admired," FORTUNE® Magazine, March 6, 2006

Also in 2015, Northwestern Mutual bought financial planning company LearnVest for over $250 million.