John D. MacArthur

From Wikipedia, the free encyclopedia

This article is about American businessman and philanthropist John D. MacArthur. For other people named John MacArthur, please see John MacArthur (disambiguation).

John Donald MacArthur (March 6, 1897 – January 6, 1978) was an American businessman and philanthropist who established the John D. and Catherine T. MacArthur Foundation, benefactor in the MacArthur Fellowships.

MacArthur made his fortune in the insurance business; in 1935, he acquired the Bankers Life and Casualty Company for $2,500. In subsequent years, he built up a business empire through acquisitions of many small insurance corporations. In the 1950s, MacArthur signed famed broadcaster Paul Harvey to be the radio spokesperson for the company (today, the national spokesperson for Bankers Life is actor Dick Van Dyke).

To avoid conflict of interest rules, the company was sold after MacArthur's death by the foundation he created. Because of MacArthur's extraordinary vision and leadership^{[citation needed]}, Bankers Life created altogether new financial markets: Bankers Life is today a leader in long term care insurance in the U.S. The company is today publicly held with a capitalization of approximately $6 billion. It is one of the Conseco Insurance Companies (NYSE: "CNO"). MacArthur also grew his vast fortune by heavily, and lucratively, investing in Florida real estate.

MacArthur's brother Charles MacArthur was an American playwright and screenwriter, best known as co-author of the play The Front Page. MacArthur's sister-in-law was the esteemed actress Helen Hayes. MacArthur and his many brothers and sisters grew up in poverty, the children of an itinerate preacher and his resourcful wife.

Macarthur married the former Louise Ingals and had two children a son, U.S. businessman and philanthropist, J. Roderick MacArthur (1920-1984) and a daughter, Virginia MacArthur. The couple divorced in 1926. In 1928, MacArthur married Catherine T. MacArthur, nee Hyland, who was intimately involved for decades in management of his companies and for whom his charitable foundation is co-named.

His grandson, the son of J. Roderick MacArthur, is John R. MacArthur the publisher of Harper's Magazine.