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George Washington Rice, Caleb Rice

George Washington Rice, a successful insurance salesman for Connecticut Mutual Life Insurance Company, had a dream to form his own insurance company in Massachusetts in the mid-1800s. He had the energy, drive, and skill, but needed a $100,000 investment to charter and operate the company. George enlisted 31 leading citizens of Springfield as initial stock investors. He put up $5,000 of his own money to ensure the chartering of the company. George also turned to his cousin, Caleb Rice, for help, both as an initial investor and for his connections within the state and local governments. Caleb was the first County Commissioner in Hampden County and the County Sheriff at that time.

Together they formed what is now known as the MassMutual Financial Group, initially located on the corner of State and Main Streets. Both George and Caleb were committed to the growth of their new company and to their community.

Unfortunately, George, who died at the age of 32 from tuberculosis, never saw the exponential growth of his company. Under Caleb's leadership as president of the Massachusetts Mutual Life Insurance Company (MassMutual), the company outgrew its downtown location and relocated to the eastern section of Springfield (its current home office location). Caleb was also elected the first mayor of Springfield.

In 1996, Connecticut Mutual, George's original employer, became part of the MassMutual family. Over the years, MassMutual has grown into a global, diversified financial services organization. In 2000, MassMutual Financial Group, the marketing name for the Massachusetts Mutual Life Insurance Company and its subsidiaries, had annual revenues of more than $15 billion and assets under management greater than $213 billion. The company has approximately 19,000 sales representatives and over 8,000 employees in the U.S. and overseas. It serves clients through more than 1,300 office locations in the U.S., Asia, South America, and Bermuda.

MassMutual is an integral part of Springfield. It has grown into a major employer in Western Mass. and is also known for its substantial charitable and philanthropic activities in the region. George Rice and Caleb Rice's entrepreneurial spirit, leadership, and drive made their dream a reality. We are proud to induct George Rice and Caleb Rice into the Western Massachusetts Entrepreneurship Hall of Fame.