Grinnell Mutual

Grinnell Mutual is a property-casualty mutual insurance company and reinsurer based in Grinnell, Iowa, United States.

Grinnell Mutual
TypeMutual
IndustryInsurance, Reinsurance
FoundedApril 17, 1909
HeadquartersGrinnell, Iowa, USA
Number of locations
17 states
Key people
  • Jeff Menary, President and CEO
  • Dave Wingert, Executive Vice President and Chief Operating Officer
Number of employees
828
Websitegrinnellmutual.com

Business performance

Grinnell Mutual is the 107th largest property-casualty insurance company in the U.S. with policyholders in 12 states. Grinnell Mutual is the largest direct reinsurer of farm mutual companies in North America. With its member mutuals, it has over $1 Billion in combined written premium and $132 Billion insurance in force.

On January 27, 2021, AM Best issued an 'A' (Excellent) rating for financial strength and an 'a+' with a stable outlook long-term issuer credit rating for Grinnell Mutual.[1] It has received an 'A' rating from AM Best since 1991. It has been a Property-Casualty Ward's 50 Company since 2016.[2]

History

In 1909, the company was formed in Greenfield, Iowa as "Iowa Farmers Mutual Reinsurance Association" by John Evans to provide reinsurance for county mutuals in Iowa.[3] In 1933, the company moved to Grinnell, Iowa, and changed its name to "Farmers Mutual Reinsurance Association".[4] The name changed again in 1948 to "Farmers Mutual Reinsurance Company". The current legal name, "Grinnell Mutual Reinsurance Company," was adopted in 1963.[5] The company adopted the “Grinnell Mutual” and “Grinnell Re" brands in 2017.

In 2014, Grinnell Mutual was one of first six companies investing in the Global Insurance Accelerator,[6][7] the first startup accelerator for insurtech.

In response to the COVID-19 pandemic, Grinnell Mutual announced the Trust in Tomorrow Premium Payback.[8] This was one of a series of actions in March–May 2020 to assist policyholders affected by the pandemic, including moratoriums on policy cancellations and other actions to help both auto and commercial policyholders through this unsettled time.[9]

Awards

In addition to its 'A' rating from AM Best, Grinnell Mutual has been recognized as an Iowa Top Workplace[10] since 2011.[11]

Gallup recognized Grinnell Mutual with its 2021 Gallup Exceptional Workplace Award. The award recognizes the most engaged workplace cultures globally.[12]

Forbes ranked Grinnell Mutual the fifth best Iowa employer in their inaugural list of America's Best-in-State Employers.[13]

Firsthand (formerly Vault) has recognized Grinnell Mutual's co-op program as a Top 50 Internship since 2018.[14] In 2020, Vault ranked Grinnell Mutual as the #2 best financial services internship, #3 best internship for real-life experience, and #4 best internship for overall career development.[15]

Ward Group has recognized Grinnell Mutual as a Top 50 Property and Casualty Performer since 2016.[16] Ward Group screens property-casualty insurance companies for safety, consistency, and achieving superior performance on equity, assets, total revenue, growth in revenue, growth in surplus, and combined ratio over a five-year period.

Valchoice named Grinnell Mutual a Best Car Insurance Company in six states: Minnesota,[17] Nebraska,[18] North Dakota,[19] Ohio,[20] South Dakota,[21] and Wisconsin.[22] Valchoice used data from state insurance commissioners, the National Association of Insurance Commissioners, AM Best Company, and S&P to determine their ratings.[23]

References

  1. "AM Best Rating Services | Grinnell Mutual Reinsurance Company". AM Best Rating Services. AM Best. Retrieved 27 January 2022.
  2. "Property-Casualty Ward's 50 Companies". Aon. 2021-07-20. Retrieved 2021-10-06.
  3. "John Evans, President of the Iowa Association of Mutual Insurance Associations" (PDF). Iowa Insurance Hall Of Fame. Retrieved 27 May 2020.
  4. "John Evans, President of the Iowa Association of Mutual Insurance Associations" (PDF). Iowa Insurance Hall Of Fame. Retrieved 27 May 2020.
  5. "Business Entity Summary". Iowa Secretary of State. Retrieved 27 May 2020.
  6. "Global Insurance Accelerator - Des Moines, Iowa". www.globalinsuranceaccelerator.com. Retrieved 2018-04-23.
  7. "Grinnell Mutual Joins the Global Insurance Accelerator". Grinnell Mutual. Retrieved 2018-04-23.
  8. "Trust in Tomorrow Premium Payback". Grinnell Mutual. Grinnell Mutual. Retrieved 13 May 2020.
  9. "Grinnell Mutual activates coronavirus response plan". Grinnell Mutual. Grinnell Mutual. Retrieved 13 May 2020.
  10. "About Grinnell Mutual Reinsurance Company". Iowa Top Workplaces. The Des Moines Register. Retrieved 4 November 2020.
  11. "Grinnell Mutual Named Top Workplace for Tenth Consecutive Year". Grinnell Mutual. Archived from the original on 23 April 2018.
  12. Harter, Jim; Rubenstein, Kristi; McLain, Denise (18 March 2021). "Announcing the 2021 Gallup Exceptional Workplace Award Winners". Retrieved 7 April 2021.
  13. Valet, Vicky (June 5, 2019). "America's Best Employers By State". Forbes. Retrieved June 6, 2019.
  14. "The 100 Best Internships". Vault. 4 November 2020. Retrieved 4 November 2020.
  15. "2020 Vault Rankings". Vault. 4 November 2020. Retrieved 4 November 2020.
  16. "2019 Property-Casualty Ward's 50 Companies". 16 July 2019.
  17. "Best Car Insurance in Minnesota". ValChoice. ValChoice. 23 March 2021. Retrieved 2 July 2021.
  18. "Best Car Insurance in Nebraska". ValChoice. ValChoice. 23 March 2021. Retrieved 2 July 2021.
  19. "Best Car Insurance in North Dakota". ValChoice. ValChoice. 23 March 2021. Retrieved 2 July 2021.
  20. "Best Car Insurance in Ohio". ValChoice. ValChoice. 23 March 2021. Retrieved 2 July 2021.
  21. "Best Car Insurance in South Dakota". ValChoice. ValChoice. 23 March 2021. Retrieved 2 July 2021.
  22. "Best Car Insurance in Wisconsin". ValChoice. ValChoice. 23 March 2021. Retrieved 2 July 2021.
  23. "Best Car Insurance Companies". ValChoice. ValChoice. Retrieved 2 July 2021.
  24. "Grinnell Specialty Agency". Grinnell Specialty Agency. Grinnell Mutual Reinsurance Company. Retrieved 14 March 2017.
This article is issued from Wikipedia. The text is licensed under Creative Commons - Attribution - Sharealike. Additional terms may apply for the media files.