Covenant Life Insurance Company
NAIC#
64319
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Carrier Address
One Nationwide Plaza
,
Columbus
,
43215-2220
,
OH
Global Parent and Location
Nationwide (successor via Provident Mutual/Nationwide-Provident transaction)
USA
Learn More About this Life Insurance Carrier
Covenant Life Insurance Company
- 1717 – Roots: Traces its roots to the "Presbyterian Ministers' Fund," the first life insurance company in America (though Covenant Life itself was a later branding/subsidiary).
- 1970s – Formation: Covenant Life was established as a subsidiary of the Presbyterian Ministers' Fund to sell insurance to the broader public beyond clergy.
- 1988 – Rebranding: The parent company (Presbyterian Ministers' Fund) underwent restructuring, and Covenant Life became its primary commercial arm.
- 1993 – Merger Agreement: Covenant Life signed a letter of intent to merge with Provident Mutual Life Insurance Company.
- 1994 – Merger Completed: Covenant Life was merged into Provident Mutual. Covenant ceased to exist as a separate legal entity.
- 1994 – Litigation: Policyholders filed a class-action lawsuit (Drain v. Covenant Life) challenging the merger terms and executive retention bonuses, which was eventually settled/dismissed.
- 2002 – Acquisition: Nationwide Financial acquired Provident Mutual.
- 2002 – Integration: The legacy Covenant Life block (now part of Provident) became part of Nationwide.
- Present – Status: Legacy Covenant Life policies are serviced by Nationwide.
Source: Drain v. Covenant Life Case Law | Jurist.org - First Life Insurer