1906: Company Relocates to Watertown, South Dakota

Midland National Choses Watertown For HQ

Less than a month after their first official meeting (that took place in Lead, South Dakota), the directors of Dakota Mutual Life gathered again to reconsider the company's home office location. Nothing the "necessity of locating the home office of this corporation in a city larger and of more importance," the board authorized Secretary Fred Smith "to negotiate with the cities of Watertown and Sioux Falls, SD and learn what inducements they are willing to grant to secure the location of the home office..."

Watertown offered more attractive "inducements," as the next meeting of Dakota Mutual Life was held in Watertown on November 17, 1906. The board scheduled a meeting for December 8, at which time Watertown was named the official home office of the company. You can see a photo of the original Watertown home office below.

Also of interest at this meeting: The board approved a surety bond through Western Surety Company of Sioux Falls, which eventually grew into the nation's largest bonding company and remains a prominent part of the Sioux Falls business community.

To read the story of the founding of Dakota Mutual Life - which became Midland National - click here.

Original Watertown office of Midland National

The original Watertown home office for the company that became Midland National Life.

1906: Company Founded In The Black Hills Of South Dakota

The company that would eventually evolve into Midland National Life Insurance Company was born on a late summer evening in the Black HIlls of South Dakota.

Meeting at the Smead Hotel in Lead, South Dakota, a group of six men (John Walsh, Joseph Moore, Charles Turney, Claude Sterling, Daniel Bannister, and Fred Smith) elected officers for a company to be known as Dakota Mutual Life Insurance Company. They also authorized the publishing of "legal notice of the company's intention to begin business."

The meeting culminated from months of planning. Records show expenses dating from May 1906. Evidently, the proposed name was under debate until shortly before the August meeting since a draft of the Articles of Incorporation was submitted to the South Dakota Secretary of State under the name of "Western Mutual Life Insurance Company." The company was incorporated on August 30, 1906, and commenced business on September 4.

To capitalize the new company, the directo…

1961: William Rigsbee Named President

In November 1961, William Rigsbee was named president of Midland National. For the next 31 years, Rigsbee, as president and chief executive officer, set Midland National on a course of unparralleled growth, stability and financial strength.

He established the Regional Sales Director (RSD) program and set in motion a belief that he carried with him through his entire career with Midland National Life - give the agent three things:

1. Excellent products.
2. A contract that rewards the agent for superior performance.
3. The company service philosophy that, "The most important person is the one who makes the sale."

Under his leadership, the company increased life insurance policies in force from $275 million to $50 billion; and achieved a compound annual growth rate of 15% while maintaining superior industry ratings and a high quality investment portfolio.*

*Source: Midland National internal information, 1961.

1981: Midland National Celebrates 75 Years in the Insurance Industry

Midland National’s 75th anniversary celebration kicked off with newspaper ads and radio spots proclaiming, “As we look forward to our 75th Anniversary, we salute our people… more than three hundred reasons why Midland National is a great insurance company. We wish you could meet all of them because these are the people with the talent, the skill, and the ideas that make us a strong, successful, growing company.”

Midland National Life Company History

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