

Union Mutual Life Insurance was established in 1848, with its very first policy issued for the life insurance of its founder, Elisha B. Pratt. At the time, the policy was valued at $5,000—a sum that equates to well over $200,000 in today’s terms. Originally headquartered in Boston, the company relocated to Maine in 1881 after the state enacted legislation requiring all Maine-incorporated insurance companies to be based within the state.
In 1986, Union Mutual made history as the first major mutual insurance company to undergo demutualization. This pivotal transition to a publicly held company was spearheaded by CEO Colin Hampton, who had been advocating for demutualization since 1970. The formal conversion process began in January 1985, culminating in November 1986 when the company, now renamed Unum, started trading on the New York Stock Exchange.