George Walbridge Perkins was a successful businessman, credited with developing the health insurance agency system. He was also deeply involved in the Progressive Movement, organizing Theodore Roosevelt 1912 Presidential campaign.
Early Life
George Walbridge Perkins was born in 1862 in Chicago, Illinois. As a teenager, Perkins worked at New York Life Insurance Company, where his father was employed. He rose steadily through the ranks and, in 1892, was named a vice president of the company. In the leadership role, Perkins revolutionized how the insurance company did business by contracting directly with local sales agents. He also devised a new system that awarded benefits based on on length of service and value of policies written.
Political Career
In 1900, New York Governor Theodore Roosevelt named Perkins to serve as president of the Palisades Interstate Park Commission, which was created to stop quarrying and protect the Area. Perkins served until his death in 1920.
Career in Business
In an attempt to raise funds for the commission, Perkins met with financier J.P. Morgan, who instead offered him a job. Perkins became a partner in the banking firm of J.P. Morgan & Company. While working for the company, he formed and reorganized some of the country’s largest corporations, including Northern Securities Company, International Harvester, International Mercantile Marine, and United States Steel. He also established plans for employees to purchase stock at less than market value and set up employee pensions.
The Progressive Party
In 1910, Perkins became involved with the Progressive Movement, which culminated in him being named Chairman of the Progressive Party. While Perkins had significant ties to big business, he favored cooperation over competition. Nonetheless, when Roosevelt dropped “trust-busting” from the party plank, many members blamed Perkins. While he was a prominent member of the party, he was unsuccessful in local political elections.
