Axa Equitable Holdings

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Axa Equitable Life Insurance Company
Public
Traded as NYSE:  EQH
Russell 1000 Index component
Industry Insurance: Life & Health
Founded1859
Headquarters1290 Avenue of the Americas
New York City, United States
Key people
Mark Pearson, President & CEO
Total assets $ 1.6 trillion
Parent AXA   OOjs UI icon edit-ltr-progressive.svg
Website axaequitableholdings.com

Axa Equitable Life Insurance Company, formerly The Equitable Life Assurance Society of the United States, also known as The Equitable, or simply Axa was founded by Henry Baldwin Hyde in 1859. In 1991, Axa, a French insurance company, acquired majority control of The Equitable. [1] In 2004, it officially changed its name to Axa Equitable Life Insurance Company. [2] As of 2018, the company has over 15,800 agents licensed by the State of California. [3]

Contents

History

Equitable Building at 120 Broadway on an old postcard NYC Equitable Building Before 1919 postcard.jpg
Equitable Building at 120 Broadway on an old postcard

Equitable Life Insurance opened its headquarters at the Equitable Life Building in 1875 near Wall Street. It had an excellent location with three entrances on Broadway, Pine Street, and Cedar Street. The edifice had six elevators and incomparable facilities for lawyers, who were located almost entirely in the building's upper stories. Aside from Hyde, who was president of Equitable, the firm's officers included James Waddell Alexander (Vice President), George W. Phillips (Actuary) who was Vice President of the Actuarial Society of America, and Samuel Borrowe (Secretary). [4] [5] Borrowe's family was a prominent New York family connected to the Hallett and Alsop families. [6]

James Waddell Alexander, the son of James Waddel Alexander, was the company president at the time of the Hyde costume ball scandal in 1905, in which James Hazen Hyde, the son of the founder and a vice president of the company, was falsely accused through a media smear campaign initiated by Alexander and board directors E. H. Harriman, Henry Clay Frick, J.P. Morgan of charging a fabulous $200,000 costume ball to the company. The repercussions rocked Wall Street, and resulted in an investigation of the entire insurance industry by the State of New York.

After the company's headquarters building burned down in 1912, Equitable moved to the Equitable Building at 120 Broadway in Manhattan.

In 1943, during World War II, Equitable began underwriting policies for the War Agencies Employees Protective Association to provide group life insurance to U.S. Government employees working in or around war zones. Through WAEPA Equitable sold policies to employees of some 40 U.S. agencies, including individuals from the Offices of Strategic Services and War Information, which often sent their men behind enemy lines, and air-traveling statesmen and Congressmen. By May 1945 only 24 death claims had been filed, (about half the normal peacetime rate for a group plan covering 7,000 workers) allowing the insurer to return roughly 30% of the premiums to WAEPA. [7]

In 1985, the Equitable Life Assurance Society of the United States, then the third largest life insurance company in the country, formed Equitable Real Estate Investment Management, a subsidiary used by Equitable Life to develop and finance new real estate projects and manage the US$20 billion worth of real estate under Equitable's control. [8]

Related Research Articles

Life insurance is a contract between an insurance policy holder and an insurer or assurer, where the insurer promises to pay a designated beneficiary a sum of money in exchange for a premium, upon the death of an insured person. Depending on the contract, other events such as terminal illness or critical illness can also trigger payment. The policy holder typically pays a premium, either regularly or as one lump sum. Other expenses, such as funeral expenses, can also be included in the benefits.

Axa is a French multinational insurance firm headquartered in the 8th arrondissement of Paris that engages in global insurance, investment management, and other financial services.

Henry Baldwin Hyde American insurance executive

Henry Baldwin Hyde, was an American businessman. He is notable for having founded The Equitable Life Assurance Society of the United States in 1859. By the time of Hyde's death, The Equitable was the largest life insurance company in the world.

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James Waddel Alexander was an American Presbyterian minister and theologian who followed in the footsteps of his father, Rev. Archibald Alexander.

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James Hazen Hyde American businessman

James Hazen Hyde was the son of Henry Baldwin Hyde, the founder of The Equitable Life Assurance Society of the United States. James Hazen Hyde was twenty-three in 1899 when he inherited the majority shares in the billion-dollar Equitable Life Assurance Society. Five years later, at the pinnacle of social and financial success, efforts to remove him from The Equitable set in motion the first great Wall Street scandal of the 20th century, which resulted in his resignation from The Equitable and relocation to France.

William Cowper Alexander was an American lawyer, politician, and insurance executive. He served as President of the New Jersey State Senate and as President of the Equitable Life Assurance Society.

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William Joseph Graham was an American insurance executive, who was Vice President of The Equitable Life Assurance Society of the United States. He is known as "father of group insurance," and as past-president of the American Management Association.

References

  1. Malkin, Lawrence; Neher, Jacques (July 19, 1991). "French Insurer To Put $1 Billion Into Equitable: Axa Buys Stake in U.S. Firm". The New York Times . ISSN   0362-4331 . Retrieved April 19, 2015.
  2. "AXA Equitable History". AXA Equitable Life Insurance Company. Retrieved February 4, 2012.
  3. "Axa Equitable Life Insurance Company Agent Directory (Aanes to Zwilling)". Policypedia. Retrieved July 25, 2018.
  4. "Obituary". The New York Times. October 1, 1898. p. 7.
  5. "The New Equitable Life Building". The New York Times. January 22, 1875. p. 7. Retrieved May 2, 2019.
  6. "Death of Samuel Borrowe". The New York Times. May 4, 1896. p. 5. Retrieved May 2, 2019.
  7. INSURANCE: Bad Risks, Good Record, Time (May 28, 1945 Vol. XLV No.22)
  8. LaGesse, David (June 14, 1984). "Equitable Life Assurance to Create Subsidiary to Manage Real Estate: Move Illustrates Drive for Diversification in Insurance Industry". American Banker . p. 1. Retrieved November 23, 2012.