Mutual Benefit Life was taken into receivership for rehabilitation by the New Jersey Department of Banking and Insurance on July 16, 1991, after losses in an overheated real estate market led to a run by policyholders, who ultimately lost the purported "cash value" that had been said to have accrued in their policies.
Post, who planned a neo-classical structure for eight stories, giant order Corinthian columns, and a $1,000,000 budget.
"[12] The company's uptown headquarters building at 300 Broadway in Newark was designed by locally important architects John H. & Wilson C. Ely.
In the mid 1950s the building was sold to the Archdiocese of Newark and served as home to Essex Catholic High School until 1979.
The company moved to larger headquarters at 520 Broad Street in 1957, a modern structure that was built in the International Style as part of the New Newark movement and centered to the north of traditional downtown at Washington Park.