Samuel Blodget, a Boston merchant who moves to Philadelphia  in 1792, has done so in part to seek a commission from President George Washington as superintendent of construction for the new federal city now being built along the Potomac River (an amateur architect, Blodget will later design the First Bank of the United States building in Philadelphia), but also to collaborate on a business venture with former U.S. Postmaster General Ebenezer Hazard, who owns a counting house in the city.

Hazard had previously invested in an idea of Blodget's called the Boston Tontine, a sort of early annuity fund that also acted as a lottery for the last surviving investor.

It failed, but Blodget and Hazard have decided to try again in Philadelphia, at this time the largest city in North America.

They call their new attempt the Universal Tontine Association and this time give it a twenty-one-year lifespan, after which the association will disband and the surviving investors will split what remains of the fund.

The Universal Tontine Association also fails to generate the hoped-for interest.

In November 1792, its investors meet at the Pennsylvania State House (today Independence Hall) to decide what to do with their fund.

On November 12, they adopt a proposal to form a general insurance company, to be called the Insurance Company of North America.

On November 19, the investors adopt articles of association, giving the company the ability to write fire, life, or marine insurance, though initially the investors will focus solely on marine.

The company starts with $600,000 capital, selling shares at $10 each.

Investors subscribe to the first 40,000 shares in eleven days, and on December 10, they meet again at the State House to elect directors.

The directors hold their first board meeting the next day, at Philadelphia's City Tavern.

Here, they elect merchant and underwriter John Maxwell Nesbitt as president and Hazard as secretary.

On December 15, the company opens for business at 119 (now 223) South Front Street.

The first policy is issued to Nesbitt's mercantile firm, Conyngham, Nesbitt & Co., for the ship America on its voyage from Philadelphia to Londonderry.

On December 18, the company petitions the Pennsylvania legislature for a charter of incorporation.

Due to opposition from private underwriters and others, the legislature will take over a year to approve the petition; Governor Thomas Mifflin will sign the charter incorporating INA on April 14, 1794.