Northwestern National Life Insurance
List of Deals
- 1963 Northwestern National Life Insurance Company: secondary offering of 518,600 shares of common stock (par value $2.50 per share)
Northwestern National Life Insurance Company, originally called the Northwestern Aid Association, was incorporated in Minneapolis in 1885. The company sold insurance on the assessment plan. In 1901 it changed its name to Northwestern National Life and shifted to selling insurance on the stipulated premium plan. Northwestern National Life began operating as a legal reserve company, on a mutual basis five years later.
Northwestern National Life issued 220,000 shares of common stock in 1927 and thus became a stock and mutual life insurer. Insurance sales totaled $53.5 million by 1953. In 1960 sales were $91.3 million, and in 1962 they were $108.3 million. By 1963 the company grew to employ 500 agents at thirty-eight branch offices and thirty general agencies and had offices in thirty-two states. The company sold individual life, term, and endowment policies; annuities; and individual and group health insurance.
Northwestern National Life was later bought by ReliaStar Financial, which was then bought for $6 billion by ING in 1999.
Note: Northwestern National Life has never had any relationship to Northwestern Mutual Life, a Milwaukee-based insurance company.