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John D. and Catherine T. MacArthur Foundation |
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The John D. and Catherine T. MacArthur Foundation
From the soot-covered landscape of the coal-producing area of east Pennsylvania came perhaps America's wealthiest insurance tycoon. Born in 1897, John Donald MacArthur was one of seven children, but only one of four that survived childhood. His three brothers—Alfred, Telfer and Charles—achieved success in various fields. John's success emerged after holding several jobs, including those of newspaper reporter and insurance salesman.
Then, in 1928, John's life changed when he purchased the Marquette Life Insurance Company. Seven years later, he bought the troubled Bankers Life and Casualty Company of Chicago for $2,500. By 1977, Bankers Life and Casualty was worth over $1 billion and was America's largest private insurance company. These companies were only a portion of his assets.
It was John's good fortune to meet and marry C.T. Hyland, discovering an individual devoted to their marriage as well as their business endeavors. Born in 1909 on Chicago's South Side, Catherine had four siblings. Her parents were both Irish immigrants. Mr. Hyland was an active Democrat and served in a number of state and local government positions.
During their early years of marriage, Catherine kept the accounting books while John managed the business. Though she had a close relationship with all of her husband's business ventures, records document Catherine's most important contribution began when they purchased Bankers Life and Casualty Company. Entries reveal Catherine's creation of unique business procedures to facilitate tremendous growth. To remain anonymous, she signed all documentation with her maiden name, C.T. Hyland, while holding both corporate secretary and director positions.
By the 1960s, John became interested in real estate and development. From a small table in the coffee shop of a Florida hotel he owned, John acquired and developed numerous properties. The deals included 100,000 acres of land in Florida, office and apartment buildings in New York City, publishing companies, hotels, shopping malls, television stations, and twelve other insurance companies.
At the time of John's death in 1978, the MacArthur's insurance companies represented over 3 million policyholders with $5.5 billion of insurance coverage. That same year, with the wealth accumulated from many business dealings, John established The John D. & Catherine T. MacArthur Foundation in Chicago, Illinois. Catherine served as the Foundation's director after her husband's death.
Though Catherine passed away in December of 1981, the Foundation's work continues as it focuses on its mission to help "groups and individuals foster lasting improvement in the human condition." The Foundation today makes grants through two major programs—Human and Community Development, and Global Security and Sustainability—and through two smaller ones, the General Program, and the MacArthur Fellows Program. While the Foundation is active in areas such as international peace, biodiversity, and community development, it is perhaps best known to the public for its support of public broadcasting and for the MacArthur Fellowships, widely known in the media as the "genius grants," unrestricted support given to highly creative people.
The Foundation is worth $4 billion and has awarded grants totaling $170 million per year. From this reality, one thing is apparent—though surrounded by the landscape of a blackened coal mining region or born into poverty, John and Catherine MacArthur built a prosperous life and their philanthropic legacy continues today.