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January 24th, 1883 – On This Day in Sioux Falls History, the first insurance company is founded in Sioux Falls.  Local businessman create the Insurance Company of Dakota with $100,000 in capital stock. Although customers begin drafting policies and paying premiums, poor business management kills the firm in just a few short years.

A few attempts were made to revive the company, but after accusations of misappropriation of funds, local confidence never returned and the company passed into history in 1888, less than 5 years after its founding.

Although the first company of its kind didn’t fare well, insurance has been big business in Sioux Falls ever sense!  With an abundance of business, farming interests, and a progressive vision, Sioux Falls is always a terrific Insurance market and local, national, and international companies have been setting up in our city for over a century now!