John Hancock Insurance
John Hancock Insurance is a loose term for a major United States insurance company which existed, in various forms, from its founding on
April 21,
1862 until its acquisition in 2004 by the Canadian
Manulife Financial. It was named in honor of
John Hancock.
John Hancock was known for its colossal landmark buildings in
Chicago and
Boston.
*
April 21,
1862, the charter of the John Hancock Mutual Life Insurance Company was approved by John A. Andrew, governor of Massachusetts.
*John Hancock advertisements and newspaper articles from the 1930s refer to it as the "John Hancock Life Insurance Company."
*1940s source refer to it as the "John Hancock Mutual Life Insurance Company"
*A
July 2nd,
1998 Boston Herald story, John Hancock Mutual Life Insurance Co chairman, is quoted: "We have always said quite clearly that we are not for sale," [Stephen L.] Brown said, moving to kill speculation about possible deals with BankBoston or Fleet Financial Group. "There are simply no merger talks going on."
*In 2000, the company "demutualized," meaning that "John Hancock Mutual Life Insurance Company" formally ceased to exist, and a new company named "John Hancock Financial Services Inc." came into existence. Policyholders received shares in the new company in exchange for giving up ownership in the old. Life insurance continued to be sold by an entity known as the "John Hancock Variable Life Insurance Company," a subsidiary of John Hancock Financial Services Inc. On
January 27th,
2000, shares of Hancock stock started to trade on the New York Stock Exchange under the symbol JHF.
*On September 29, 2003, it was announced that Manulife Financial Corp. was purchasing John Hancock Financial Services Inc. for $10.4 billion.
*On April 29, 2004, the existence of John Hancock Financial Services, Inc. formally ended.
*
As of 2005 Manulife continues to use the John Hancock brand name for the acquired subsidiaries. The 2004 Manulife Annual Report lists as wholly-owned subsidiaries, "John Hancock Life Insurance Company (U.S.A.) (formerly The Manufacturers Life Insurance)" and "John Hancock Investment Management Services, LLC (formerly Manufacturers Securities Services, LLC)"
*
John Hancock Financial Services
