Philadelphia Contributionship for the Insurance of Houses from Loss by Fire

The Philadelphia Contributionship was the first fire insurance company in America, organized on April 13, 1752. The plan adopted was one of mutual assurance, and the members were denominated contributors. John Smith was chosen as the first treasurer and the first business transacted by the company was the insurance on his two houses on King Street. The Smith family remained actives in the firm; James Somer Smith II served as secretary-treasurer from 1859 to 1864 and was succeeded by his son, James Somer Smith III, who served from 1894-1941. The company is still in existence.