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Pennsylvania Lumbermens Mutual Insurance Company for wood products industry
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History

Established in 1895 to serve the needs of lumbermen, PLM has grown to be America’s oldest and largest lumber mutual insurance company for the wood products and building material industries.

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You are here: Home / About / History

The History of Pennsylvania Lumbermens Mutual Insurance Company (PLM)

We take great pride in our heritage. From our roots in the burgeoning retail lumber industry and as one of the first lumber mutuals, we are an American success story as the oldest and largest lumber mutual in the country today. We are grateful to our founders, policyholders, producers, and employees for contributing to our longevity and helping PLM to not only survive for 125 years, but to thrive.
History of Pennsylvania Lumbermens Mutual Insurance Company

A Mutual NEED

In the mid-19th century, the retail lumber industry grew in the Eastern United States. Sawmills moved from the logging camps to the waterfronts of American cities, and retail lumberyards sprang up in the developing residential areas of these cities. With this development and the growing complexity in the process of timbering, insurance became essential for lumbermen.

In 1886, a group of prominent lumbermen formed The Lumber Merchants Exchange of Philadelphia (later shortened to The Lumbermens Exchange), a buying cooperative to reduce expenses, increase buying power and share information and services.

To achieve these goals, the group established an Insurance Committee in 1894, headed by Edward F. Henson, a young lumber executive and attorney, to investigate the high rates charged by stock insurance companies. In February 1895, the Committee under Henson’s leadership, founded Pennsylvania Lumbermens Mutual Fire Insurance Company (later called PLM).

A Mutual SOLUTION

It was fitting that the birthplace of mutual insurance where Benjamin Franklin formed the first insurance company in America, The Philadelphia Contributionship, was now the birthplace of one of the first Lumber Mutuals.

In addition to PLM, other lumber mutual fire insurance companies were established in New York and Massachusetts. Lumber mutuals flourished in the first half of the 20th century as the industry continued to boom and losses remained low.

When competition tightened from their stock competitors, the lumber mutuals began to branch out geographically and market-wise. Eventually over the next 40 years, they succumbed to declining profitability.

True to our Heritage

Armed with foresight and a commitment to our founders’ mission, PLM stayed true to our heritage to provide superior insurance products and services to the lumber industry, becoming America’s last remaining lumber mutual. PLM has grown and expanded geographically over the years and provides protection for some 5,000 wood-related businesses nationwide.
View PLM Timeline

Pennsylvania Lumbermens Mutual Insurance Company
One Commerce Square
2005 Market Street, Suite 1200
Philadelphia, PA 19103

Toll Free: 1.800.752.1895
Fax: 215.625.9097
CustServ@plmins.com

              
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