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The ship later christened the Edmund Fitzgerald was the brainchild of the Northwestern Mutual Life Insurance Company, headquartered in Milwaukee, Wisconsin. Northwestern Mutual had been investing for some time in the mining and processing of iron and other similar minerals dug out of the ground around the Great Lakes, and in 1957, Northwestern Mutual became the first life insurance company in America to invest in a ship to haul the ore.
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Charles River Editors (The Sinking of the Edmund Fitzgerald: The Loss of the Largest Ship on the Great Lakes)