Lehman Brothers Collection - Contemporary Business Archives

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Lehman Brothers Collection

Twentieth-Century Business Archives

USLIFE Corporation - Lehman Brothers Collection

USLIFE Corporation

List of Deals

The United States Life Insurance Company (USLife) was founded in 1850. It was the oldest stock life insurance company in the United States. Until the 1940s the company specialized in the underwriting of civilians traveling or residing abroad on foreign missions for American business. The company broadened its business in 1940 to include accident, health, and hospitalization departments, which helped increase the amount of insurance in force from $5.4 million in 1940 to $12.7 million in 1941.

In September 1945 USLife bought a seventeen-story office building at 84 William Street, at the corner of Maiden Lane, in the downtown insurance district of New York City. USLife moved its headquarters into the building the following spring.

In the decades after World War II, USLife grew rapidly. The company had $501.4 million of insurance in force in 1953. A year later, the company began to offer group life insurance and expanded operations to Maine, Massachusetts, New Hampshire, Vermont, and West Virginia. By the end of 1954, insurance in force grew by 39 percent over the previous year, rising to $694.4 million. By the end of 1965, USLife had assets of $172 million and nearly $2.7 billion insurance in force.

In 1967 United States Life Insurance Company created a holding company, USLife, which included the insurance company as a subsidiary. The purpose for this was to diversify and form or acquire other financial service companies.

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