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TRACING THE HISTORY OF JEFFERSON-PILOT
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TRACING THE HISTORY OF JEFFERSON-PILOT

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1901: Ten prominent Greensboro residents, including George A. Grimsley, P.H. Hanes, C.C. Taylor, J. Van Lindley, J.W. Scott and others, form a mutual life insurance company called Security Life and Annuity Company. Another group of businessmen organize Greensboro Life Insurance.

1903: Southern Life, renamed Pilot Life in 1924, is founded by A.W. McAlister.

May 27, 1907: Jefferson Standard Life Insurance receives a certificate of incorporation. Chief organizers are brothers P.D. and Charles W. Gold, members of a Wilson newspaper family.

Aug. 7, 1907: Jefferson Standard opens an office in Raleigh and is proclaimed by the Raleigh News & Observer as the biggest corporation ever formed in the state. Stock worth $500,000 is sold.

1907: The first policy for $5,000 is sold to Joseph G. Brown. Brown is elected the first president of the company.

1912: Security Life and Annuity, Greensboro Life Insurance Co. and Jefferson Standard merge. Jefferson directors agree to move the company headquarters to Greensboro in exchange for keeping the Jefferson Standard name. Grimsley is named president.

1919: Julian Price, a former railroad telegrapher who had worked at Greensboro Life since its inception, and who was then a company vice president, becomes president.

1920: Grimsley leaves Jefferson to form Security Life and Trust, which later becomes Integon Life Insurance.

October 1923: A 17-story building at Market and Elm streets is completed.

1934: Joseph M. Bryan, Julian Price’s son-in-law, convinces Price to expand into broadcasting with the purchase of Greensboro radio station WBIG.

1945: Gate City Insurance Co. merges with Pilot Life. The combined firms establish one of the largest insurance companies in the South, with the headquarters in the Sedgefield offices of Pilot. Jefferson Standard purchases controlling interest in Pilot Life.

1946: Julian Price dies in an automobile accident. Under his guidance, Jefferson Standard’s assets grew from $10 million to $180 million, and insurance in force moved from $81 million to $672 million.

1946: Ogburn F. Stafford of Greensboro is elected president of Pilot Life. He began his insurance career at age 17 as an agent for Gate City Life Insurance Co, and became president of Gate City Life in 1938.

1950: Howard “Chick” Holderness becomes president of Jefferson Standard. He had worked for the company from 1925 until 1945.

1967: Holderness retires and is succeeded by Roger Soles. Soles joined the company in 1947 after graduating from UNC-Chapel Hill.

1968: Rufus White, a Pilot Life employee since 1928, succeeds Stafford as president of Pilot Life.

1968: Jefferson Standard and Pilot Life Insurance form a holding company, Jefferson-Pilot .

1975: Pilot Life Insurance sets a sales record of $1.6 billion.

August 1982: Jefferson Standard celebrates its 75th anniversary with $6.7 billion of insurance in force.

1986: Jefferson-Pilot reaches $40 billion of life insurance sold.

Jan. 1, 1987: The two companies merge to form Jefferson-Pilot Life Insurance with $3.8 billion in assets.

January 1987: Soles becomes president, chairman and chief executive.

1988: Construction begins on new 20-story tower.

August 1990: The new building is dedicated.

1991: Soles, with $3.7 million in salary, bonus and stock grants, is North Carolina’s best-paid CEO.

1992: Dissident shareholders, led by Louise Price Parsons, wage a proxy fight. Soles and his board of directors win.

February 1993: David A. Stonecipher becomes Soles’ successor. He is the first chief executive in the company’s 85-year history who has not previously worked for the company.

November 1993: After 60 years of service, Joseph M. Bryan, 97, retires from the board of directors.

1994: JP acquires Chubb Life Insurance Co. of America, Alexander Hamilton Life, Guarantee Life Insurance and Kentucky Central Life. The Chubb acquisition alone doubles JP’s share of the life-insurance market.

1997: JP reports sales of $2.6 billion.

1998: JP employs 1,800 in the Triad, 4,300 nationwide. Common shares split 3 for 2.

1999: JP acquires The Guarantee Life Companies of Omaha, Neb.

2000: Alexander Hamilton Life, Guarantee Life Insurance Company and Jefferson-Pilot Financial Insurance , formerly Chubb Insurance, merge but keep the name Jefferson-Pilot Financial Insurance Company, a wholly owned subsidiary of JP.

May 2003: JP Sports of Charlotte, a wholly owned subsidiary of Jefferson-Pilot Financial, and Charlotte-based Raycom announce a partnership in the syndicated football TV business through the 2010 season and that they’ve renegotiated their existing basketball contract through the 2010-11 season to reflect the ACC’s expansion.

June 2003: Pilot Life celebrates its 100th anniversary.

Dec 2003: Dennis R. Glass is named the company’s new chief executive officer, replacing the retiring David A. Stonecipher, 62, who will continue as chairman of Jefferson-Pilot’s board.

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