John Donald MacArthur (1897-1978) was one of the three wealthiest
men in America at the time of his death, and was sole owner of the
nation's largest privately held insurance company.
One of seven children, Mr. MacArthur was born in an impoverished coal-producing area of eastern Pennsylvania. His three brothers who survived childhood all achieved success in their fields: Alfred in insurance, Telfer in publishing, and Charles as a newsman, playwright, and Hollywood screen writer. John held several jobs, including stints as a newspaper reporter, as an insurance salesman in his brother's company, and in three unsuccessful business ventures, before turning to insurance as his life's work.
In 1928, at the age of 30, Mr. MacArthur bought the Marquette Life Insurance Company, and in 1935, he borrowed $2,500 to acquire the financially impaired Bankers Life and Casualty Company of Chicago. Five years later, Bankers had more than $1 million of assets; by 1977, they had surpassed $1 billion
One of seven children, Mr. MacArthur was born in an impoverished coal-producing area of eastern Pennsylvania. His three brothers who survived childhood all achieved success in their fields: Alfred in insurance, Telfer in publishing, and Charles as a newsman, playwright, and Hollywood screen writer. John held several jobs, including stints as a newspaper reporter, as an insurance salesman in his brother's company, and in three unsuccessful business ventures, before turning to insurance as his life's work.
In 1928, at the age of 30, Mr. MacArthur bought the Marquette Life Insurance Company, and in 1935, he borrowed $2,500 to acquire the financially impaired Bankers Life and Casualty Company of Chicago. Five years later, Bankers had more than $1 million of assets; by 1977, they had surpassed $1 billion