Each day, Benzinga looks back on a milestone related to the market that occurred on that date.
What happened? On November 19, 1792, the Insurance Company of North America held its initial public offering.
Where was the market: INA’s IPO predates the Dow Jones Industrial Average and the S&P 500.
What else was going on in the world? In 1792, the United States Postal Service was established. Congress passed the Presidential Succession Law. A dictionary costs 50 cents.
Birth of INA: On November 19, 1792, investors gathered at the Pennsylvania State House to purchase shares of the Insurance Company of North America at a price of $ 10 per share. INA’s IPO took place in the same place as the Declaration of Independence adopted only 16 years ago.
More than 60 investors bought shares of INA, raising more than $ 600,000 in initial capital, or approximately $ 17.2 million in today’s dollars. In 11 days, investors had bought 40,000 shares. The initial insurance business focused only on marine insurance.
INA emerged from the Great Depression as one of the largest insurance companies in the United States with approximately $ 117 million in assets in 1941.
In 1950, the INA invented the home insurance policy, the most successful multi-line insurance policy in history.
In 1982, the INA merged with Connecticut General Corporation to form Cigna Corp (NYSE: CI). In 1999, ACE Limited acquired INA as well as the remainder of Cigna’s international and US property and casualty insurance business. In 2016, ACE adopted the name Chubb Ltd. (NYSE: CB).
A $ 1,000 stake in the INA IPO in 1792 would have earned $ 10.1 million by 1998 before the takeover of ACE.
© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.