Henry Baldwin Hyde
From Wikipedia, the free encyclopedia
- 1859 founded Equitable Life Assurance Society of the United States
- 1868 introduced Tontine plan for life insurance
Henry Baldwin Hyde | |
|---|---|
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| Born | February 15, 1834 |
| Died | May 2, 1899 (aged 65) New York City, US |
| Occupation | Insurance executive |
| Known for |
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| Spouse |
Annie Fitch< (after 1864) |
| Children | James Hazen Hyde |
Henry Baldwin Hyde (February 15, 1834–May 2, 1899)[1] was an American businessman. He is notable for having founded The Equitable Life Assurance Society of the United States in 1859. By the time of Hyde's death, The Equitable was the largest life insurance company in the world.
Hyde was born in Catskill, New York, on February 15, 1834, the son of Henry Hazen Hyde, a successful merchant, and Lucy Baldwin (née Beach) Hyde. He attended the public schools of Catskill, and when he was 16 his teacher decided to move to New York City to join the growing life insurance industry. The teacher persuaded both Hydes to join him, and all three became agents for the Mutual Life Insurance Company of New York.
Career
The younger Hyde worked for several months in Honesdale, Pennsylvania, before deciding to return to New York City, where he became a clerk for Merritt, Ely & Company, a dry goods import and wholesale company. He remained there for two years, and then returned to Mutual Life, where his father had recently been appointed to the executive ranks and a place on the board of directors. Hyde rose through the home office staff to become the company's cashier.
Equitable Life
In March 1859, Hyde left Mutual Life and established his own company, Equitable Life Assurance Society of the United States. William C. Alexander initially served as president, and Hyde was vice president and general manager. Hyde succeeded to the presidency after Alexander's death in 1874, and remained in the position until his death.
He led the company to construct the Equitable Life Assurance Building for its headquarters, completed on May 1, 1870, and pushed to have the first passenger elevators installed in what was then the tallest office building in the United States.[2]
