Security Mutual

Security Mutual Life Insurance Company of New York is a mutual insurer founded in the 1880s in Binghamton, New York, created during an era when mutual life companies were often formed to keep profits aligned with policyholders rather than outside shareholders.[1][2] The company's own history materials describe a long continuity as a policyholder-owned organization, a structure that can encourage conservative pricing and long-term stewardship.[1] Through the 20th century, mutual insurers like Security Mutual weathered the Great Depression, wartime disruptions, and regulatory modernization by emphasizing capital strength and disciplined underwriting. While many peers merged or demutualized in the late 20th and early 21st centuries, Security Mutual's public narrative stresses stability and local roots.[1] Product strategy for many mutual regionals has centered on core protection: term and permanent life insurance, and in some cases annuities, often distributed through independent agents who serve communities where trust and service continuity matter.[1][2] As the industry faced prolonged low interest rates after 2008, insurers generally adjusted crediting rates, dividends, and product features to keep long-term guarantees sustainable; mutual insurers also relied on long-horizon investment management and, where appropriate, reinsurance.[1] Security Mutual's opportunity has been differentiation through mutuality: competing not primarily on being the largest, but on being consistent - offering policyholders a relationship designed to last as long as the promises in the contract.[1][2]

Sources: [1] https://smlny.com/our-company/about-us/our-history/ (Security Mutual - Our History) ; [2] https://en.wikipedia.org/wiki/Security_Mutual_Life_Insurance_Company_of_New_York (Wikipedia: Security Mutual Life of New York)