The North Carolina Mutual Life Insurance Company
Early Roots and Rapid Development
In 1898, Mutual competed with dozens of other black owned insurance companies in throughout the US south. But with the "Triumvirate" in charge, Mutual steadily grew during the first half of the 20th century, often absorbing smaller companies. Starting in 1904, Mutual extended operations into South Carolina and over the course of the next 25 years, established branches in seven other states. By 1918, the company boasted a premium income of over $1 million dollars. Three years later, Mutual moved into a six-story building on Durham's Parrish Street, anchoring the black business district known as "Black Wall Street." In 1919, the company officially changed its name to the North Carolina Mutual Life Insurance Company.