The following timeline details the history of Provident Mutual Life Insurance Company of Philadelphia. This company is distinct from Provident Life and Accident Insurance Company (based in Tennessee, now part of Unum).
Significant Changes, Name Changes, and Mergers
- 1865
Founded: The company was incorporated as The Provident Life & Trust Company of Philadelphia by a group of Quakers. It originally operated as both a life insurance company and a trust company. - 1922
Split and Name Change: The company split its banking and insurance operations into two separate legal entities.- The banking division became the Provident Trust Company.
- The insurance division was renamed Provident Mutual Life Insurance Company of Philadelphia.
- 1927
Headquarters Move: The company completed and moved into its landmark headquarters at 4601 Market Street in West Philadelphia, which it occupied for over 50 years. - 1994
Acquisition (Covenant Life): Provident Mutual acquired Covenant Life Insurance Company.- Historical Note: Covenant Life was formerly known as the Presbyterian Ministers' Fund, which was founded in 1717 and incorporated in 1759. Through this acquisition, Provident Mutual acquired the oldest continuous life insurance charter in the United States.
- 2002
Acquisition by Nationwide: On October 1, Provident Mutual was acquired by Nationwide Financial Services in a "sponsored demutualization."- Name Change: As a result of the acquisition, Provident Mutual ceased to exist as a mutual company and was renamed Nationwide Life Insurance Company of America (NLICA).
- 2009
Merger: On December 31, Nationwide Life Insurance Company of America was legally merged into its parent company, Nationwide Life Insurance Company.- Current Status: Former Provident Mutual policies are now administered directly by Nationwide Life Insurance Company.
Sources: [1] https://interactive.web.insurance.ca.gov/companyprofile/companyprofile?doFunction=getCompanyProfile&event=companyProfile&naic=67105 (CA Dept. of Insurance - Company Profile (NAIC 67105)) ; [2] https://www.voya.com/about-us/our-company/company-history (Voya - Company history)
