Finance History | The Hartford — Fifteen Thousand Dollars Chartered Under the Old State House
· 1810-5
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Finance History | The Hartford — Fifteen Thousand Dollars Chartered Under the Old State House
kevin
People treat The Hartford as a plaza campus that always wrote AARP auto policies.
The first company was a fire book with fifteen thousand dollars of working capital.
On 10 May 1810 the Connecticut General Assembly, sitting in Hartford, passed an act to incorporate the Hartford Fire Insurance Company. Nathaniel Terry was elected the first president.
Local merchants had gathered in a Hartford inn to put the capital together. The charter authorized the corporation to insure against losses by fire, and nothing else.
The Old State House on Main Street, completed in 1796 to a Charles Bulfinch design, was the public building that framed that session. The company still names itself after the city, not after a product line.
Twenty-five years later the book was tested. In December 1835 a fire wrecked New York's financial district. Other offices stalled. Eliphalet Terry, then president, used his own money to cover claims and traveled from Hartford to New York in a horse-drawn sleigh to say so in person.
The same office later paid after the Chicago fire of 1871 and after the San Francisco earthquake and fire of 1906. Those payouts are why a provincial fire company survived long enough to become a listed multiline group.
ITT bought The Hartford in 1970 for 1.4 billion dollars, then the largest takeover in American history. The company later left that conglomerate and returned to writing property, casualty and group benefits from Hartford.
The stag on the policy is older than the plaza. The charter is older than the stag.
Photo: Frederickverillo, CC BY-SA 4.0, via Wikimedia Commons.
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