North Carolina Mutual Life Insurance Company
Since its beginning in 1898, North Carolina Mutual Life Insurance Company has grown to become one of the nation's most widely-known and successful business institutions. It is the only insurance company domiciled in North Carolina with a charter dated before 1900. North Carolina Mutual is the oldest and largest African American life insurance company in the United States.
The Company's seven organizers were men who were active in business, educational, medical and civic life of the Durham community. An early financial crisis tested their resolve and the company was reorganized in 1900 with only John Merrick and Dr. Aaron M. Moore remaining. Charles C. Spaulding was named General Manager, under whose direction the company grew and achieved national prominence.
The Company has had nine presidents in its history: John Merrick, Dr. Aaron M. Moore, Charles C. Spaulding, William J. Kennedy Jr., Asa T. Spaulding, J.W. Goodloe, William J. Kennedy III, Bert Collins and James H. Speed Jr., who assumed office January 1, 2004.
During its existence, North Carolina Mutual has been a catalyst for minority, social and economic development. Racial self-help and uplift are traditions of the Company dating back to its founding. The phrase "merciful to all" was the company's first motto. With a sense of corporate social consciousness and responsibility, the Company formulated its concept of the Double-Duty Dollar. Modeled after popular mutual benefit societies the concept was based on the premise that income from insurance sales could be channeled back into the community. Throughout its history, the Company has had programs to build strong black families and communities through jobs, investments, loans, contributions and support of social programs.
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