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[[File:Penn Mutual Life Insurance Company entrance.jpg |thumb|Penn Mutual entrance.]]
[[File:Penn Mutual Life Insurance Company entrance.jpg |thumb|Penn Mutual entrance.]]


The '''Penn Mutual Life Insurance Company''', commonly referred to as '''Penn Mutual''', was founded in [[Philadelphia, Pennsylvania]], in 1847. It was the seventh [[mutual insurance|mutual life insurance company]] chartered in the United States. As of 2019, it had 3,140 employees, $3.7 billion in revenue, and $36.7 billion in assets.<ref>[https://fortune.com/fortune500/penn-mutual-life-insurance/ "Penn Mutual Life Insurance"]</ref><ref>{{cite web|url=https://www.pennmutual.com/about-us/financial-strength/annual-report |title=Annual Report |publisher=Penn Mutual |access-date=2020-04-30}}</ref>
The '''Penn Mutual Life Insurance Company''', commonly referred to as '''Penn Mutual''', was founded in [[Philadelphia, Pennsylvania]], in 1847. It was the seventh [[mutual insurance|mutual life insurance company]] chartered in the United States. As of 2019, it had 3,140 employees, $3.7 billion in revenue, and $36.7 billion in assets.<ref>[https://fortune.com/fortune500/penn-mutual-life-insurance/ "Penn Mutual Life Insurance"]</ref><ref>{{Cite web |url=https://www.pennmutual.com/about-us/financial-strength/annual-report |title=Annual Report |publisher=Penn Mutual |access-date=2020-04-30}}</ref>


Penn Mutual is headquartered in [[Horsham, Pennsylvania]], just outside Philadelphia.<ref>{{cite web|title=Consumer Information for Penn Mutual (2005) |publisher=[[National Association of Insurance Commissioners|NAIC]] |url=http://www.naic.org/cis/writingReport.do?entityId=7322 |access-date=2007-01-06 |url-status=dead |archive-url=https://web.archive.org/web/20070926213956/http://www.naic.org/cis/writingReport.do?entityId=7322 |archive-date=September 26, 2007 }}</ref>
Penn Mutual is headquartered in [[Horsham, Pennsylvania]], just outside Philadelphia.<ref>{{Cite web |title=Consumer Information for Penn Mutual (2005) |publisher=[[National Association of Insurance Commissioners|NAIC]] |url=http://www.naic.org/cis/writingReport.do?entityId=7322 |access-date=2007-01-06 |url-status=dead |archive-url=https://web.archive.org/web/20070926213956/http://www.naic.org/cis/writingReport.do?entityId=7322 |archive-date=September 26, 2007}}</ref>


In 2024, Penn Mutual announced that the Penn Mutual Board of Trustees approved a record $265 million dividend award in 2025 to participating policyholders. Dividends are a key measure of a mutual company’s performance, and Penn Mutual's dividend history remains one of the strongest and most consistent in the industry.<ref>{{Cite web |title=The Penn Mutual Life Insurance Company |url=https://www.pennmutual.com/about-us/news/press-releases/2024/10/penn-mutual-announces-record-breaking-dividend |access-date=2024-12-19 |website=www.pennmutual.com}}</ref>
Its subsidiaries include the brokerage firm Janney Montgomery Scott (acquired in 1982), which as of 2020 had $90 billion in assets under advisement for its clients.<ref>{{cite web|url=http://www.barrons.com/articles/janney-growing-by-poking-at-giants-1494010592?mg=prod/accounts-barrons|title= Janney: Growing by Poking at Giants|publisher=Barron's|last=Talati|first=Sonia|date= May 5, 2017}}</ref><ref>{{cite web|url=https://www.janney.com/about-janney/mission--history/financial-statements |title=About Us &#124; Janney Montgomery Scott |publisher=Janney.com |access-date=2020-04-30}}</ref><ref>{{cite web|url=https://www.janney.com/about-janney/mission--history/our-mission--history |title=About Us &#124; Janney Montgomery Scott |publisher=Janney.com |access-date=2020-04-30}}</ref><ref>[https://money.usnews.com/financial-advisors/firm/janney-montgomery-scott-llc-463 "Janney Montgomery Scott LLC"]</ref>

In 2017, Penn Mutual settled a lawsuit against it for $110 million, in which policyholders had charged that the company had improperly withheld surplus funds, rather than distribute them as dividends.<ref>{{cite web|url=https://www.law360.com/articles/917248/penn-mutual-settles-insurance-surplus-fund-suit-for-110m |title=Penn Mutual Settles Insurance Surplus Fund Suit for $110M |publisher=Law360 |access-date=2020-04-30}}</ref>


==Buildings==
==Buildings==
⚫
Penn Mutual's original Philadelphia headquarters was erected in 1850–51 to designs by architect Gordon Parker Cummings, at the northeast corner of Third and Dock.<ref name=HABS>{{Cite web |title=Architectural Data Form |url=https://tile.loc.gov/storage-services/master/pnp/habshaer/pa/pa1000/pa1034/data/pa1034data.pdf |website=Historic American Buildings Survey |publisher=U.S. Dept. of Interior |access-date=17 October 2020}}</ref><ref>{{Cite web |title=Castner Scrapbook v.16, Companies 1, page 2 |url=https://libwww.freelibrary.org/digital/item/53344 |website=Free Library of Philadelphia |access-date=17 October 2020}}</ref> The five-story building was the "first [[Cast-iron architecture|cast-iron building]] in Philadelphia, and one of the earliest cast-iron buildings in the nation."<ref name=HABS/> It was razed in 1956.


⚫
In 1860 the company moved into an existing building at 921–23 Chestnut that dated from 1810.<ref name="AnotherBig">{{Cite news |title=Another Big Chestnut Street Building |url=https://www.newspapers.com/image/52214666 |access-date=17 October 2020 |publisher=Philadelphia Times (via newspapers.com, subscription req'd) |date=22 February 1889}}</ref> In February 1889 the company moved out, temporarily, so that property could be cleared to prepare for a new edifice "to be as high as the ''[[The Philadelphia Record|Record]]'' cupola", the conspicuously tall ''Philadelphia Record'' tower standing immediately adjacent on Chestnut.<ref>{{Cite news |title=Site for the New Penn Mutual |url=https://www.newspapers.com/image/167252422 |access-date=17 October 2020 |publisher=Philadelphia Inquirer (via newspapers.com, subscription req'd) |date=13 March 1889}}</ref> "The new building will have a front of 77 feet on Chestnut street and will be nine stories in height, with a tower 17 feet square, which will reach to a height of 175 feet."<ref name=AnotherBig/> The architect was [[Theophilus P. Chandler Jr.]]<ref>{{Cite web |last1=Harbeson |first1=John |title=Philadelphia's Victorian Architecture (pdf) |url=https://journals.psu.edu/pmhb/article/viewFile/29902/29657 |website=journals.psu.edu |access-date=17 October 2020}}</ref> (That 1889 building, with its subsequent additions, was ultimately destroyed and replaced by [[Paul Cret]]'s [[Old Federal Reserve Bank Building (Philadelphia)|Old Federal Reserve Bank Building]] in 1931.)
⚫
Penn Mutual's original Philadelphia headquarters was erected in 1850–51 to designs by architect Gordon Parker Cummings, at the northeast corner of Third and Dock.<ref name=HABS>{{cite web |title=Architectural Data Form |url=https://tile.loc.gov/storage-services/master/pnp/habshaer/pa/pa1000/pa1034/data/pa1034data.pdf |website=Historic American Buildings Survey |publisher=U.S. Dept. of Interior |access-date=17 October 2020}}</ref><ref>{{cite web |title=Castner Scrapbook v.16, Companies 1, page 2 |url=https://libwww.freelibrary.org/digital/item/53344 |website=Free Library of Philadelphia |access-date=17 October 2020}}</ref> The five-story building was the "first [[Cast-iron architecture|cast-iron building]] in Philadelphia, and one of the earliest cast-iron buildings in the nation." <ref name=HABS /> It was razed in 1956.


⚫
In 1916 Penn Mutual moved to an entirely new headquarters designed by [[Edgar Viguers Seeler]], at the corner of [[Walnut Street (Philadelphia)|Walnut]] and 6th Street. The 1916 building still stands. In 1931 the growing company built an equally boxy addition next door along Walnut, to the east, although the addition by architect Ernst J. Matthewson towered over the original with twenty stories of granite.<ref name=Byard>{{Cite book |last1=Byard |first1=Paul Spencer |title=The Architecture of Additions Design and Regulation |date=1 January 1998 |publisher=W.&nbsp;W. Norton & Company |page=108 |isbn=9780393730210 |url={{Google books |LjnqyGeW_74C |pg=PA108 |plainurl=yes}} |access-date=17 October 2020}}</ref>
⚫
In 1860 the company moved into an existing building at 921-23 Chestnut that dated from 1810.<ref name="AnotherBig">{{cite news |title=Another Big Chestnut Street Building |url=https://www.newspapers.com/image/52214666 |access-date=17 October 2020 |publisher=Philadelphia Times (via newspapers.com, subscription req'd) |date=22 February 1889}}</ref> In February 1889 the company moved out, temporarily, so that property could be cleared to prepare for a new edifice "to be as high as the ''[[The Philadelphia Record|Record]]'' cupola", the conspicuously tall ''Philadelphia Record'' tower standing immediately adjacent on Chestnut.<ref>{{cite news |title=Site for the New Penn Mutual |url=https://www.newspapers.com/image/167252422 |access-date=17 October 2020 |publisher=Philadelphia Inquirer via newspapers.com (sub req'd) |date=13 March 1889}}</ref> "The new building will have a front of 77 feet on Chestnut street and will be nine stories in height, with a tower 17 feet square, which will reach to a height of 175 feet."<ref name=AnotherBig /> The architect was [[Theophilus P. Chandler Jr.]]<ref>{{cite web |last1=Harbeson |first1=John |title=Philadelphia's Victorian Architecture (pdf) |url=https://journals.psu.edu/pmhb/article/viewFile/29902/29657 |website=journals.psu.edu |access-date=17 October 2020}}</ref> (That 1889 building, with its subsequent additions, was ultimately destroyed and replaced by [[Paul Cret]]'s [[Old Federal Reserve Bank Building (Philadelphia)|Old Federal Reserve Bank Building]] in 1931.)


⚫
Then in 1971–75, the company dramatically expanded its floorspace again at the same site. The architects were [[Mitchell/Giurgola]]. Their Penn Mutual Tower project encompassed a third, higher modernist glass tower, the preservation and integration of the 1916 structure and the 1931 structure, and a move further east along Walnut which incorporated another unrelated historic property—but only as a facade, a freestanding scrim.<ref name=Byard/> That building had its own history as the Pennsylvania Fire Insurance Company Building, 508–10 Walnut Street, designed by [[John Haviland]] in 1838 originally with four stories, three bays, and the [[winged sun]]s and papyrus-leaf-column decorations of [[Egyptian Revival architecture|Egyptian Revival]]. These three bays had been duplicated, and the cornice constructed, by Theophilus P. Chandler Jr. in 1902.<ref name=Byard/> The tower won an [[American Institute of Architects]] Honor Award in 1977.<ref>{{Cite philarch}}, p. 122</ref><ref>{{Philadelphia Architects and Buildings |pj=141690 |Penn Mutual Tower}}</ref>
⚫
In 1916 Penn Mutual moved to an entirely new headquarters designed by [[Edgar Viguers Seeler]], at the corner of [[Walnut Street (Philadelphia)|Walnut]] and 6th Street. The 1916 building still stands. In 1931 the growing company built an equally boxy addition next door along Walnut, to the east, although the addition by architect Ernst J. Matthewson towered over the original with twenty stories of granite.<ref name=Byard>{{cite book |last1=Byard |first1=Paul Spencer |title=The Architecture of Additions Design and Regulation |date=1 January 1998 |publisher=W.W. Norton & Company |page=108 |url=https://www.google.com/books/edition/The_Architecture_of_Additions/LjnqyGeW_74C?hl=en&gbpv=1&dq=Ernest+Matthewson+architect&pg=PA108 |access-date=17 October 2020}}</ref>

⚫
Then in 1971–75, the company dramatically expanded its floorspace again at the same site. The architects were [[Mitchell/Giurgola]]. Their Penn Mutual Tower project encompassed a third, higher modernist glass tower, the preservation and integration of the 1916 structure and the 1931 structure, and a move further east along Walnut which incorporated another unrelated historic property—but only as a facade, a freestanding scrim.<ref name=Byard /> That building had its own history as the Pennsylvania Fire Insurance Company Building, 508-10 Walnut Street, designed by [[John Haviland]] in 1838 originally with four stories, three bays, and the [[winged sun]]s and papyrus-leaf-column decorations of [[Egyptian Revival architecture|Egyptian Revival]]. These three bays had been duplicated, and the cornice constructed, by Theophilus P. Chandler Jr. in 1902.<ref name=Byard /> The tower won an [[American Institute of Architects]] Honor Award in 1977.<ref>{{cite philarch}}, p.122</ref><ref>[http://www.philadelphiabuildings.org/pab/app/pj_display.cfm/141690 "Penn Mutual Tower"] on ''PhiladelphiaBuildings.org''</ref>


==See also==
==See also==
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==References==
==References==
{{reflist}}
{{Reflist}}


==External links==
==External links==
{{commons category|Penn Mutual}}
{{Commons category|Penn Mutual}}
* [http://www.pennmutual.com/ Penn Mutual official site]
*{{Official website|pennmutual.com}}
*{{HABS |survey=PA-1454 |id=pa1038 |title=Pennsylvania Fire Insurance Company, 508–510 Walnut Street, Philadelphia, Philadelphia County, PA |photos=6 |data=2 |cap=1}}
* [http://www.philadelphiabuildings.org/pab/app/pj_display.cfm/141690 Philadelphia Buildings]
*{{Philadelphia Architects and Buildings |pj=141690 |Penn Mutual Tower}}


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{{Philadelphia Corporations}}
{{Philadelphia Corporations}}


{{coord missing|Pennsylvania}}
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[[Category:Mutual insurance companies of the United States]]

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[[Category:Brutalist architecture in Pennsylvania]]
[[Category:Companies based in Montgomery County, Pennsylvania]]
[[Category:Companies based in Montgomery County, Pennsylvania]]
[[Category:Financial services companies established in 1847]]
[[Category:Financial services companies established in 1847]]
[[Category:Historic American Buildings Survey in Philadelphia]]
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[[Category:John Haviland buildings]]
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[[Category:Mutual insurance companies of the United States]]
[[Category:1847 establishments in Pennsylvania]]
[[Category:1847 establishments in Pennsylvania]]
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[[Category:John Haviland buildings]]
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[[Category:Brutalist architecture in Pennsylvania]]

Latest revision as of 16:44, 19 December 2024

Penn Mutual Life Insurance Company
Company typeMutual
IndustryLife Insurance and Annuities
Founded1847; 178 years ago (1847)
HeadquartersHorsham, Pennsylvania, United States
Key people
David O'Malley, President and CEO
Revenue$3.7 billion USD (2019)
$396 million USD (2019)
Total assets$36.7 billion USD (2019)
Number of employees
3,140 (2019)
Websitewww.pennmutual.com
The Penn Mutual Tower (1975, left), 1931 addition (center), and 1913 headquarters building (right, hidden behind trees)
Penn Mutual entrance.

The Penn Mutual Life Insurance Company, commonly referred to as Penn Mutual, was founded in Philadelphia, Pennsylvania, in 1847. It was the seventh mutual life insurance company chartered in the United States. As of 2019, it had 3,140 employees, $3.7 billion in revenue, and $36.7 billion in assets.[1][2]

Penn Mutual is headquartered in Horsham, Pennsylvania, just outside Philadelphia.[3]

In 2024, Penn Mutual announced that the Penn Mutual Board of Trustees approved a record $265 million dividend award in 2025 to participating policyholders. Dividends are a key measure of a mutual company’s performance, and Penn Mutual's dividend history remains one of the strongest and most consistent in the industry.[4]

Buildings

[edit]

Penn Mutual's original Philadelphia headquarters was erected in 1850–51 to designs by architect Gordon Parker Cummings, at the northeast corner of Third and Dock.[5][6] The five-story building was the "first cast-iron building in Philadelphia, and one of the earliest cast-iron buildings in the nation."[5] It was razed in 1956.

In 1860 the company moved into an existing building at 921–23 Chestnut that dated from 1810.[7] In February 1889 the company moved out, temporarily, so that property could be cleared to prepare for a new edifice "to be as high as the Record cupola", the conspicuously tall Philadelphia Record tower standing immediately adjacent on Chestnut.[8] "The new building will have a front of 77 feet on Chestnut street and will be nine stories in height, with a tower 17 feet square, which will reach to a height of 175 feet."[7] The architect was Theophilus P. Chandler Jr.[9] (That 1889 building, with its subsequent additions, was ultimately destroyed and replaced by Paul Cret's Old Federal Reserve Bank Building in 1931.)

In 1916 Penn Mutual moved to an entirely new headquarters designed by Edgar Viguers Seeler, at the corner of Walnut and 6th Street. The 1916 building still stands. In 1931 the growing company built an equally boxy addition next door along Walnut, to the east, although the addition by architect Ernst J. Matthewson towered over the original with twenty stories of granite.[10]

Then in 1971–75, the company dramatically expanded its floorspace again at the same site. The architects were Mitchell/Giurgola. Their Penn Mutual Tower project encompassed a third, higher modernist glass tower, the preservation and integration of the 1916 structure and the 1931 structure, and a move further east along Walnut which incorporated another unrelated historic property—but only as a facade, a freestanding scrim.[10] That building had its own history as the Pennsylvania Fire Insurance Company Building, 508–10 Walnut Street, designed by John Haviland in 1838 originally with four stories, three bays, and the winged suns and papyrus-leaf-column decorations of Egyptian Revival. These three bays had been duplicated, and the cornice constructed, by Theophilus P. Chandler Jr. in 1902.[10] The tower won an American Institute of Architects Honor Award in 1977.[11][12]

See also

[edit]

References

[edit]
  1. ^ "Penn Mutual Life Insurance"
  2. ^ "Annual Report". Penn Mutual. Retrieved 2020-04-30.
  3. ^ "Consumer Information for Penn Mutual (2005)". NAIC. Archived from the original on September 26, 2007. Retrieved 2007-01-06.
  4. ^ "The Penn Mutual Life Insurance Company". www.pennmutual.com. Retrieved 2024-12-19.
  5. ^ a b "Architectural Data Form" (PDF). Historic American Buildings Survey. U.S. Dept. of Interior. Retrieved 17 October 2020.
  6. ^ "Castner Scrapbook v.16, Companies 1, page 2". Free Library of Philadelphia. Retrieved 17 October 2020.
  7. ^ a b "Another Big Chestnut Street Building". Philadelphia Times (via newspapers.com, subscription req'd). 22 February 1889. Retrieved 17 October 2020.
  8. ^ "Site for the New Penn Mutual". Philadelphia Inquirer (via newspapers.com, subscription req'd). 13 March 1889. Retrieved 17 October 2020.
  9. ^ Harbeson, John. "Philadelphia's Victorian Architecture (pdf)". journals.psu.edu. Retrieved 17 October 2020.
  10. ^ a b c Byard, Paul Spencer (1 January 1998). The Architecture of Additions Design and Regulation. W. W. Norton & Company. p. 108. ISBN 9780393730210. Retrieved 17 October 2020.
  11. ^ Gallery, John Andrew, ed. (2004), Philadelphia Architecture: A Guide to the City (2nd ed.), Philadelphia: Foundation for Architecture, ISBN 0962290815, p. 122
  12. ^ Penn Mutual Tower data from the Philadelphia Architects and Buildings (PAB) project of the Athenaeum of Philadelphia
[edit]
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