Equitable Life Assurance Society

The Equitable Life Assurance Society was founded in 1859 by Henry Baldwin Hyde. Hyde, an American capitalist, learned the insurance business at Mutual Life Insurance Co. before establishing his own company in New York City. He raised $100,000 in starting capital and aimed to surpass his former employer.1

Under Hyde's leadership, the Equitable Life Assurance Society grew significantly, with over $1,000,000,000 in force by 1898 and $307,000,000 paid in benefits during his 40 years with the company. Hyde developed the Tontine plan, which increased the company's surplus substantially. Investigations into insurance company surplus fund mismanagement in New York led to reforms in 1906. The term "equity" itself relates to fairness and justice, stemming from the Latin word "aequus" meaning "equal".12