Federated Mutual Insurance Company ("Federated") is a direct writer of property and casualty insurance products headquartered in Owatonna, Minnesota. The Company has approximately 2,400 employees and operates in 48 states and the District of Columbia, with a regional office in Phoenix, Arizona, and several service offices located throughout the country. Federated has an A. M. Best rating of "A+ (Superior)."
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History
During the 1890s, the retail implement dealers in Minnesota formed an association, which proved to be very successful. In 1904, these dealers decided to try to reduce their insurance costs by organizing their own insurance company.
Initially, the Company was known as the Minnesota Implement Mutual Fire Insurance Company, and retained this name for many years. They would later become the Mutual Implement and Hardware Insurance Company, then Federated Mutual Implement and Hardware Insurance Company and, finally, Federated Mutual Insurance Company ("Federated Mutual").
On January 1, 1948, Federated Mutual entered the casualty insurance field, and was one of the first major insurance companies to write both fire and casualty insurance. In November 1949, accident and health coverage was added, with group accident and health insurance being written for various trade associations and employer groups. Federated Life Insurance Company ("Federated Life") was organized in January 1959.
Maps Federated Mutual Insurance Company
Product Range
List of products offered by Federated Mutual Insurance Company:
- Commercial Property and Casualty insurance
- Life, disability, and critical illness insurance
- Home and auto insurance
- Health insurance
- Workers Compensation
Markets
List of markets in which Federated Mutual Insurance Company operates:
- Auto dealers and auto parts wholesalers
- Building contractors (materials, hardware, electrical, plumbing-heating-cooling, including specialized contractors)
- Equipment dealers (agricultural, lawn and garden, construction)
- Funeral directors
- Jewelry retailers
- Machine and tooling shops
- Petroleum marketers and convenience stores
- Printers
- Tire dealers
- Custom cabinet and woodworkers
News and Events
- In 2013 Federated Mutual Insurance Company and Federated Life Insurance Company were named to the 2013 Ward's 50® groups of top performing insurance companies. Federated is one of only two organizations that has had affiliated companies named to both the property-casualty and life-health Ward's 50 group of companies every year since 2001.
- Jeffrey E. Fetters was named Chairman of the Federated Insurance Companies at the October 30, 2012, meeting of the Companies' Board of Directors effective December 1, 2012. Fetters will assume the duties of Chairman in addition to his current responsibilities as President and Chief Executive Officer.
- At the Annual Meeting of the Policyholders held on April 17, 2012, President-CEO Jeff Fetters reported that, despite the economic and social challenges in the nation and throughout the world last year: "I am happy to report that Federated Insurance is in exceptional financial condition -- the best in the company's 108-year history."
- On December 9, 2010 Federated Insurance Companies acquired the renewal rights of American Hardware Mutual Insurance Company in selected states, the first such move in the company's 100-plus year history.
Canadian History
- In September 1920, Federated Mutual began operating in Canada.
- By 1933 the sales force had increased from two to 17 representatives, and the annual premium income was approximately $1 million, primarily from hardware and implement business.
- Early in 1944, Federated Mutual aggressively went after and obtained endorsements from farm equipment manufacturers and associations across the country. This paved the way for writing insurance for many farm equipment dealers during the next few years.
- Expanded into the Casualty business in 1948. This brought a tremendous boost to the growth and development of the Canadian operation.
- Federated Mutual entered the life insurance business in Canada effective January 1, 1964.
- Growth continued as the company entered the group health insurance field. Group plans were sold until the provincial governments introduced socialized medicine. A supplemental health plan and dental plan was introduced in 1987.
- In November 1987, the Canadian division was converted to a wholly owned corporate subsidiary operation, Federated Holdings of Canada Ltd., which holds all the stock in the two operating subsidiaries: Federated Insurance Company of Canada and Federated Life Insurance Company of Canada.
- On January 1, 1990 Federated Insurance and Federated Life became fully Canadian owned and operated subsidiaries of Fairfax Financial Holdings Ltd. of Toronto, Ontario, when Federated Insurance Holdings of Canada Ltd. was purchased from Federated Mutual.
References
External links
- Federated Insurance Company
- Federated Insurance Company of Canada
Source of article : Wikipedia
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