The following is taken from an historical sketch of the City of Toronto and its Board of Trade, published by the Board : ” Mr. William McCabe, LL.B., F.I.A., Eng., Managing Director and actuary of the North American Life Assurance Company, Toronto, was born at Picton, Ont., in 1835. Mr. McCabe acquired his early education at the Picton Grammar School, and subsequently followed up his studies at the University College, Toronto, and at the University of London, England. At an early age (16) he was in charge of a country school, and afterwards was Principal of the Whitby Grammar School, and then Principal of the Grammar School at Oshawa. His intention was to follow the profession of Law, but after spending some time in the office of a leading Toronto firm his attention was attracted to the subject of Life Insurance. He thereupon gave up Law and became General Agent and Superintendent of Agencies of a New York Life Insurance Company, and later accepted a call to return to Canada as General Manager of the Confederation Life Association, which Company he started most successfully on its career. After about three years’ arduous work lie resigned his position and sought a much needed rest by visiting Great Britain and many leading cities in Europe. During his visit to Great Britain, he devoted much time and attention to the study of the theoretical branch of Life Insurance, and became a Fellow of the Institute of Actuaries of Great Britain and Ireland, and subsequently was made a Fellow of the Royal Statistical Society of England. He is also a charter member of the Actuhelvetica Society of America, and has been elected several times on its Council. In religion he is an Episcopalian and in politics a Reformer, although he has never taken an active part in political matters. He became a member of the Board of Trade in 1885. He is a member of the Masonic body, in which he has held high offices, among them P.D.D.G. M., and is of the rank Scottish rite 32 degrees, and had the honor of a seat on the platform at Albert Hall, London, England, on the occasion when the Prince of Wales was made Grand Master of the Masonic body. He is a member of many of the clubs, among which might be mentioned the Reform, National, etc. He took an active part in framing the life insurance plans of the Commercial Travellers’ Association, of Canada.
“The North American Life is one of the most successful Canadian Companies, its financial position being unexcelled, and its proportion of surplus to liabilities being in excess of that of any of its competitors. The Company was the pioneer to introduce the system of the prompt payment of death losses, and was among the earliest in the introduction of the investment forms of policies which have become so popular of late years with most of the leading companies.”