Location Providence, Rhode Island, United States Regions East Coast, New England, Northeastern US Gender Male
Zachariah Allen is the founder of a mutual insurance system based on loss prevention as the primary objective of risk management. He was born in Providence, Rhode Island in 1795. As a young boy, he acquired a love for knowledge (particularly in science and engineering) when he was presented a gift of an electrical apparatus from his older brother.
He spent many hours experimenting with the toy, developing habits of analytical thought that later helped him attain success as an inventor and engineer.
In 1813, Allen graduated from Brown University in Providence and briefly considered medical school. He instead decided to pursue a career in law and had even passed the bar examination when a business opportunity arose. In 1822, he purchased the water rights to the Woonasquatucket River and built a mill to manufacture broadcloth. To avoid closing during the summer drought due to lack of power to the machinery (which resulted in losses to both owners and wage earners), he constructed a series of dams that eliminated the summer droughts and the spring floods. These were the first reservoirs constructed in the United States for the purpose of storing power for manufacturing.
