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The Once and Future C&F - Building an Empire
Forster also kept an eye on the long game, surrounding himself with loyal supporters looking to grow the enterprise and continue with his business principles. J. Lester Parsons was one of those people who would carry Forster’s legacy forward — and adapt it to a rapidly changing society. Parsons began his career at age 15 with a job as an office boy for United States Fire Insurance Company (given that Warner, Forster and Parsons all started as office boys, it seems like it must have been a great way to start in the business!). Parsons later took a job as map clerk for North British & Mercantile — and in 1892, Marmaduke Holgate, North River’s City Division Underwriter, hired the 20-year-old Parsons as assistant underwriter. Parsons quickly established a reputation as one of the most astute fire underwriters in the business. In 1903, Parsons joined C&F, where he would become the architect of the company’s early and consistent growth. After a few years, Parsons asked for a raise but cash was tight, so he received a 20% share of the partnership instead. Either Parsons was a great negotiator or he was able to see a brighter future for C&F than the other four partners did! Parsons worked at C&F for 54 years — and his influence would be felt well beyond his retirement. In the early years, Crum & Forster also brought in key people including Henry Wyatt (1901), Harold Junker (1902), Alexander Ross (1912) and Thorin Grimson (1914) — each of whom would stay with the company more than 50 years. Together with Parsons, this Dream Team of close associates would lead the company well into the 1960s. Forster knew how to protect his legacy — and manage succession. Think about the company you could build with a team that stuck together for 50 years!
J. Lester Parsons.
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