The frontier state of Wisconsin was only nine years old when the company opened its doors. Fewer than three years later, its leader faced a crisis when Wisconsin?s first catastrophic train accident took the lives of two policyowners. Together their claims totaled $3,500, but the little company had only $2,000 on hand.
Without hesitation, President Samuel Daggett and his fellow trustees waived the usual 90-day settlement period, personally borrowed the needed funds, and paid the claims immediately.
Northwestern Mutual?s tradition of keeping its promises was born.
Even during the dark days of the Great Depression, ?there was never a time?that the Northwestern could not have met every demand that was made upon it with business promptness, in full, and without the sacrifice of a dollar of its securities,? said Michael Cleary, company president, 1932-1947.
Read more: Our mutual advantage to our policyholders ? Northwestern Mutual