Penn Mutual

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 Life Insurance Company
Mutual
IndustryLife Insurance and Annuities
Founded1847 (1847)
HeadquartersHorsham, Pennsylvania, United States
Key people
Eileen McDonnell, CEO and David O'Malley, President
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.

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

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.[4][5][6][7]

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.[8]

Original headquarters

Penn Mutual's original Philadelphia headquarters building at the corner of Walnut and 6th Street was a cast-iron structure that was replaced in 1913 by one designed by Edgar Viguers Seeler (1867–1929). This was added to on the east side in 1931, and again in 1969–70 by a glass tower at 510 Walnut Street which retained the 1838 Egyptian Revival facade of John Haviland's Pennsylvania Fire Insurance Company Building (1838), the east portion and cornice of which was designed by Theophilus Chandler, Jr. in 1901, as a stand-alone structure which serves as a screen to the building's entrance courtyard. The tower, which won an American Institute of Architects Honor Award in 1977, was designed by Mitchell/Giurgola Associates.[9][10][11]

See also
  • Mutual Life Insurance Company

References
  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. Talati, Sonia (May 5, 2017). "Janney: Growing by Poking at Giants". Barron's.
  5. "About Us | Janney Montgomery Scott". Janney.com. Retrieved 2020-04-30.
  6. "About Us | Janney Montgomery Scott". Janney.com. Retrieved 2020-04-30.
  7. "Janney Montgomery Scott LLC"
  8. "Penn Mutual Settles Insurance Surplus Fund Suit for $110M". Law360. Retrieved 2020-04-30.
  9. Gallery, John Andrew, ed. (2004), Philadelphia Architecture: A Guide to the City (2nd ed.), Philadelphia: Foundation for Architecture, ISBN 0962290815, p.122
  10. "Washington Square" on USHistory.org
  11. "Penn Mutual Tower" on PhiladelphiaBuildings.org


This article is issued from Wikipedia. The text is licensed under Creative Commons - Attribution - Sharealike. Additional terms may apply for the media files.