The Birth of Insurance: Oldest U.S. Companies
“In the mid-18th century, Benjamin Franklin and fellow firefighters founded what is said to be the first, lasting insurance company under the mutual principle “whereby every man might help another without any disservice to himself,” he said.
There was another short-lived company in the U.S. (before it was the U.S., of course) prior to Franklin’s start-up. The Friendly Society for Mutual Insurance of Houses Against Fire was founded in Charles Towne (now Charleston), S.C. in 1736. It was bankrupted by the Great Fire of 1740, which destroyed more than 300 buildings.
So Philadelphia Contributionship starts off our list of the oldest… ” – Property Casualty 360