North Carolina Mutual Life Insurance Company Celebrates 110th Anniversary
Posted: 11-07-2008 : RALEIGH, N.C.

Durham, NC -- Earl Graves, internationally recognized entrepreneur and publisher of Black Enterprise magazine, gave the keynote address at North Carolina Mutual Life Insurance Company’s 110th anniversary celebration. Graves told attendees assembled at the company’s Durham, North Carolina, headquarters that black businesses across America are a key component of the nation’s free enterprise system, and that North Carolina Mutual epitomizes the “spirit of entrepreneurship and fiscal independence.”

North Carolina Mutual presented its prestigious Merritt, Moore, Spaulding Award, which is named for the founders, to Dr. William J. Barber, II, president of the North Carolina Chapter of the NAACP. NASCAR, Minnesota Life Insurance, City and Durham, and Duke University also received special recognition for their outreach initiatives.

Graves noted that North Carolina Mutual is the oldest insurance company chartered in the State of North Carolina and one of the oldest in the nation. James H. Speed, Jr., President and CEO, gave credit to the vision and dedication of the founders -- three distinguished members of the Durham African-American community – John Merrick, Dr. Aaron M. Moore and Charles C. Spaulding.

“North Carolina Mutual was born out of a heartfelt desire and determination to serve the underserved,” said Speed. “In 1890, African Americans were fewer than four decades from slavery. Established insurance companies had little or no interest in marketing in the black community. Just meeting end-of-life expenses and being able to bury a loved one with dignity – something that could be achieved through life insurance – were beyond the means of a great portion of the African-American community,” said Speed. “Our founders saw the need and stepped out boldly 110 years ago, and we still honor their sense of mission and service.”

Today, North Carolina Mutual Life Insurance Company, the nation’s oldest and largest insurance company with roots in the African-American community, offers a wide variety of insurance products, including life, accident and health, dental and disability through group plans for both large and small organizations and through individual policies. Since its founding in l898, it has built a reputation for financial stability and the personalized service it provides its policyholders. One hundred and ten years later, the company has more than $7.7 billion of insurance in force in 24 states and the District of Columbia.  www.ncmutuallife.com