Company type | Mutual |
---|---|
Industry | Life Insurance and Annuities |
Founded | 1847 |
Headquarters | Horsham, Pennsylvania, United States |
Key people | David O'Malley, President and CEO |
Revenue | $3.7 billion USD (2019) |
$396 million USD (2019) | |
Total assets | $36.7 billion USD (2019) |
Number of employees | 3,140 (2019) |
Website | www.pennmutual.com |
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 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]
Penn Mutual's original Philadelphia headquarters was erected in 1850–51 to designs by architect Gordon Parker Cummings, at the northeast corner of Third and Dock. [9] [10] The five-story building was the "first cast-iron building in Philadelphia, and one of the earliest cast-iron buildings in the nation." [9] It was razed in 1956.
In 1860 the company moved into an existing building at 921–23 Chestnut that dated from 1810. [11] In February 1889 the company moved out, temporarily, so that property could be cleared to prepare for a new edifice "to be as high as the Record cupola", the conspicuously tall Philadelphia Record tower standing immediately adjacent on Chestnut. [12] "The new building will have a front of 77 feet on Chestnut street and will be nine stories in height, with a tower 17 feet square, which will reach to a height of 175 feet." [11] The architect was Theophilus P. Chandler Jr. [13] (That 1889 building, with its subsequent additions, was ultimately destroyed and replaced by Paul Cret's Old Federal Reserve Bank Building in 1931.)
In 1916 Penn Mutual moved to an entirely new headquarters designed by Edgar Viguers Seeler, at the corner of Walnut and 6th Street. The 1916 building still stands. In 1931 the growing company built an equally boxy addition next door along Walnut, to the east, although the addition by architect Ernst J. Matthewson towered over the original with twenty stories of granite. [14]
Then in 1971–75, the company dramatically expanded its floorspace again at the same site. The architects were Mitchell/Giurgola. Their Penn Mutual Tower project encompassed a third, higher modernist glass tower, the preservation and integration of the 1916 structure and the 1931 structure, and a move further east along Walnut which incorporated another unrelated historic property—but only as a facade, a freestanding scrim. [14] That building had its own history as the Pennsylvania Fire Insurance Company Building, 508–10 Walnut Street, designed by John Haviland in 1838 originally with four stories, three bays, and the winged suns and papyrus-leaf-column decorations of Egyptian Revival. These three bays had been duplicated, and the cornice constructed, by Theophilus P. Chandler Jr. in 1902. [14] The tower won an American Institute of Architects Honor Award in 1977. [15] [16]
Romaldo "Aldo" Giurgola AO was an Italian academic, architect, professor, and author. Giurgola was born in Rome, Italy in 1920. After service in the Italian armed forces during World War II, he was educated at the Sapienza University of Rome. He studied architecture at the University of Rome, completing the equivalent of a B.Arch. with honors in 1949. That same year, he moved to the United States and received a master's degree in architecture from Columbia University. In 1954, Giurgola accepted a position as an assistant professor of architecture at the University of Pennsylvania. Shortly thereafter, Giurgola formed Mitchell/Giurgola Architects in Philadelphia with Ehrman B. Mitchell in 1958. In 1966, Giurgola became chair of the Columbia University School of Architecture and Planning in New York City, where he opened a second office of the firm. In 1980 under Giurgola's direction, the firm won an international competition to design a new Australian parliament building. Giurgola moved to Canberra, Australia to oversee the project. In 1989, after its completion and official opening in 1988, the Parliament House was recognised with the top award for public architecture in Australia.
Society Hill is a historic neighborhood in Center City Philadelphia, Pennsylvania, United States, with a population of 6,215 as of the 2010 United States Census. Settled in the early 1680s, Society Hill is one of the oldest residential neighborhoods in Philadelphia. After urban decay developed between the late 19th and early 20th centuries, an urban renewal program began in the 1950s, restoring the area and its many historic buildings. Society Hill has since become one of the most expensive neighborhoods with the highest average income and second-highest real estate values in Philadelphia. Society Hill's historic colonial architecture, along with planning and restoration efforts, led the American Planning Association to designate it, in 2008, as one of the great American neighborhoods and a good example of sustainable urban living.
The architecture of Philadelphia is a mix of historic and modern styles that reflect the city's history. The first European settlements appeared within the present day borders of Philadelphia, Pennsylvania in the 17th century with most structures being built from logs. By the 18th century, brick structures had become common. Georgian and later Federal style buildings dominated much of the cityscape. In the first half of the 19th century, Greek revival appeared and flourished with architects such as William Strickland, John Haviland, and Thomas U. Walter. In the second half of the 19th century, Victorian architecture became popular with the city's most notable Victorian architect being Frank Furness.
The University of Pennsylvania Campus Historic District is a historic district on the campus of the University of Pennsylvania, in Philadelphia, Pennsylvania, USA. The university relocated from Center City to West Philadelphia in the 1870s, and its oldest buildings date from that period. The Historic District was added to the National Register of Historic Places on December 28, 1978. Selected properties have been recorded by the Historic American Buildings Survey, as indicated in the table below.
Theophilus Parsons Chandler Jr. was an American architect of the late 19th and early 20th centuries. He spent his career at Philadelphia, and is best remembered for his churches and country houses. He founded the Department of Architecture at the University of Pennsylvania (1890), and served as its first head.
Zantzinger, Borie and Medary was an American architecture firm that operated from 1905 to 1950 in Philadelphia. It specialized in institutional and civic projects. For most of its existence, the partners were Clarence C. Zantzinger, Charles Louis Borie Jr., and Milton Bennett Medary, all Philadelphians.
Jewelers' Row, located in the Center City section of Philadelphia, Pennsylvania, United States, is composed of more than 300 retailers, wholesalers, and craftsmen located on Sansom Street between Seventh and Eighth Streets, and on Eighth Street between Chestnut and Walnut Streets.
Addison Hutton (1834–1916) was a Philadelphia architect who designed prominent residences in Philadelphia and its suburbs, plus courthouses, hospitals, and libraries, including the Ridgway Library, now Philadelphia High School for the Creative and Performing Arts, and the Historical Society of Pennsylvania. He made major additions to the campuses of Westtown School, George School, Swarthmore College, Bryn Mawr College, Haverford College, and Lehigh University.
John McArthur Jr. (1823–1890) was a prominent American architect based in Philadelphia. Best remembered as the architect of the landmark Philadelphia City Hall, McArthur also designed some of the city's most ambitious buildings of the Civil War era. Few of his buildings survive.
The Provident Life & Trust Company is a demolished Victorian-era building in Philadelphia designed by architect Frank Furness and considered to be one of the famed architect's greatest works. A bank and insurance company founded in 1865 by members of the Society of Friends (Quakers), the Provident's L-shaped building had entrances at 407–09 Chestnut Street, which served as the entrance to the bank, and at 42 South 4th Street, which was the entrance to the insurance company. The two wings were eventually consolidated into an office building, also designed by Furness, at the northwest corner of 4th and Chestnut Streets.
The Ritz-Carlton Philadelphia is a luxury hotel and residential complex that is located in Center City, Philadelphia, Pennsylvania, United States. It comprises three adjoining buildings: the Girard Trust Bank, at the northwest corner of South Broad and Chestnut Streets, the Girard Trust Building, at the southwest corner of South Broad Street and South Penn Square, and The Residences at the Ritz Carlton, at 1414 South Penn Square.
James Hamilton Windrim was a Philadelphia architect who specialized in public buildings, including the Masonic Temple in Philadelphia and the U.S. Treasury. A number the buildings he designed are on the National Historic Landmarks and/or the National Register of Historic Places, including the Masonic Temple in Philadelphia and the National Savings and Trust Company building in Washington, DC.
The Land Title Building and Annex is an American early skyscraper located at 1400 Chestnut Street in Philadelphia, Pennsylvania. The building was listed on the National Register of Historic Places in 1978.
The Old Federal Reserve Bank Building is an historic, American bank building that is located at 925 Chestnut Street, in the Market East neighborhood of Philadelphia, Pennsylvania.
Edgar Viguers Seeler (1867–1929) was an American architect.
Clarence Clark Zantzinger (1872-1954) was an architect and public servant in Philadelphia, Pennsylvania.
Edward Maene was a Belgian-American architectural sculptor, woodcarver and cabinetmaker.
Mellor, Meigs & Howe (1916–28) was a Philadelphia architectural firm best remembered for its Neo-Norman residential designs.
Allen Evans was an American architect and partner in the Philadelphia firm of Furness & Evans. His best known work may be the Merion Cricket Club.
Public drinking fountains in Philadelphia, Pennsylvania, United States, have been built and used since the 19th century. Various reform-minded organizations in the city supported public drinking fountains as street furniture for different but overlapping reasons. One was the general promotion of public health, in an era of poor water and typhoid fever. Leaders of the temperance movement such as the Woman's Christian Temperance Union saw free, clean water as a crucial alternative to beer. Emerging animal welfare organizations, notably the Society for the Prevention of Cruelty to Animals, wanted to provide water to the dogs and working horses of the city on humanitarian grounds, which is why Philadelphia's drinking fountains of the era often include curb-level troughs that animals could reach.