Forward Mutual Insurance Company is proud to announce it has earned a Financial Stability Rating® (FSR) of A’ (A Prime), Unsurpassed, from Demotech, Inc. This level of FSR is assigned to insurers who possess unsurpassed financial stability related to maintaining positive surplus as regards policyholders, liquidity of invested assets, an acceptable level of financial leverage, reasonable loss and loss adjustment expense reserves (L&LAE) and realistic pricing. [Read more…] about Forward Mutual Earns Unsurpassed Rating
This photo is taken from the book Heritage of Ixonia,
By HOWARD WIEDENHOEFT
June is National Dairy Month and Forward Mutual takes great pride in supporting Wisconsin’s long-cherished industry. In fact, our dairy heritage goes way back to the late 1800s when our founding companies insured not only the local farmers, but also their butter and cheese factories.
Here’s how that came about. [Read more…] about By the Minutes: Supporting Dairy in the Late 1800s
By HOWARD WIEDENHOEFT
Mutual companies need capital to meet the challenges of operating a business and offering insurance. Historically, mutual companies have managed a financial security that allows them to focus on all of their policyholders rather than a few select stockholders. Let’s learn how how our founding mutuals—Ixonia Mutual Fire Insurance Company and Watertown Mutual Fire Insurance Company— capitalized their companies in the late 1800s. [Read more…] about By the Minutes: Comparing the Capitalizing of Two Early Mutuals
By HOWARD WIEDENHOEFT
Three years after the state of Wisconsin passed a law allowing the formation of town mutual insurance companies, land owners in the Town of Ixonia gathered together to form a mutual. On Saturday, November 6, 1875, 31 owners of land collectively valued at $32,250 met in Ixonia Center and formed Ixonia Mutual Fire Insurance Company.
The new organization elected John Gibb to serve as chairman and F.V. Piper as secretary. These men formed the board of directors along with Ferdinand Gauerke, Fred Huebner, Carl Pautz, John Lindemann and James McCall. The directors were charged with drafting a code of by-laws to govern the organization.
On November 13, 1875, the Articles of Organization and By-laws were read and approved by members of Ixonia Mutual Fire Insurance Company. Similar to those of Watertown Mutual Fire Insurance Company in the nearby Town of Watertown, the bylaws followed the guidelines established by the Wisconsin Chapter 103.
According to Ixonia Mutual’s minutes, the bylaws additionally stated:
- The policy would be void if a fire was caused by ashes stored in a wood container within 40 feet of the insured building.
- Insured property owners were required to pay one dollar to become a member and 75 cents for a policy fee.
- The company would not be liable for damage caused by a hop house during drying season or from use of a steam engine on the premise.
- The maximum amount allowed on any livestock was $100 per horse and $20 per horned animal.
- Only citizens of the Town of Ixonia were allowed to become members.
On Tuesday January 4, 1876, the mutual held its first annual meeting. By this time there was a change in board members and serving as directors were Fred Huebner, president; F.V. Piper, secretary; H.E. Humphery, treasurer; Martin Stanton, Carl Pautz, John Lindemann and James McCall.
Written 142 years ago, these minutes are a fascinating history of our rural life. Did you know the cultivation of hops was a major agricultural industry in Wisconsin during the mid 1800s?
Our agriculture has changed many times over the centuries, but the dedication of our mutual insurance has not. Forward Mutual continues to support and provide protection for farmers in 16 counties of southeastern Wisconsin. If you’re interested in learning more, contact us.
It’s no secret that companies—insurance companies included—are finding it increasingly difficult to fill crucial job positions. The National Association of Mutual Insurance Companies (NAMIC) President and CEO Chuck Chamness wrote of this recently and emphasized the need to attract a new generation of workers.
“It’s scary to think that by 2020—just three years from now—the insurance industry will need to replace nearly 400,000 positions,” wrote Chamness. “That number is staggering. And what’s more disturbing is many studies have found that the talent gap is the most critical issue we as an industry face.”
While insurance seldom carries a reputation of being exciting, those in the industry find it compelling, challenging and meaningful work. Interestingly, these are the very things important to millennials, a generation of tech-savvy, compassionate and talented professionals who make up the growing percentage of our U.S. workforce.
“Insurance is a great fit for aspiring young professionals who want to make a difference,” said Chamness. “Our industry has plenty to share. We provide highly competitive salaries; we provide job stability; we provide career advancement opportunities; and we are stellar corporate citizens.”
February is Insurance Careers Month and a great time to learn more about working in the mutual insurance industry. Give it some thought!