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By the Minutes: Comparing the Capitalizing of Two Early Mutuals

HIstoric treasurer's books from Watertown Mutual Fire Insurance Company, Watertown, WI

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 the Minutes: Ixonia Mutual Founded 1875

Founding minutes of Ixonia Mutual Insurance Company, Ixonia, Wisconsin

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 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 bylaws to govern the organization.

On November 13, 1875, the Articles of Organization and Bylaws 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.

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By the Minutes: Introduction

1872 Watertown Mutual Founded

1875 Ixonia Mutual Founded

Comparing the Capitalizing of Two Early Mutuals

A Mutual’s First Claim

Supporting Dairy in the Late 1800s

1879 Early Challenges for a Young Mutual

Ixonia Mutual’s First $1000 Loss

1885 A Year of Neighbor Helping Neighbor

Changes of Bylaws

Our Dairy Heritage

Insuring Automobiles

Taxes, War and the English Language

Supporting the Community’s Fire Protection

Board Directors and Their Meetings

Standardization of Wisconsin Mutuals

Of Electricity, Radio and Foxes

Our Annual Meetings Over the Years

Tumultuous 1930-1940s

How a Major Disaster Affected Extended Coverage and Reinsurance

Surviving the Big Dogs in the 1960s

Introducing Agents to the Mutuals

Accounting Over the Years

Centennial Anniversaries

Mutual Offices

Mutual Managers and Staff

Establishing Confidence in Financial Strength

Entering the Era of Computers

The 1990s, Advancement and Angst

The Start of the 21st Century

Concord and Watertown Merge

Ixonia Mutual and Watertown Mutual Merge and a New Company is Formed

Setting the Stage, Moving Forward with a New 2020 Vision

The New Forward Mutual

Post Script

By the Minutes: Watertown Mutual Founded 1872

Founding Fathers of Watertown Mutual Insurance Co, Watertown, WI. Circa 1875-76.

By HOWARD WIEDENHOEFT

In 1872, when the state of Wisconsin passed Chapter 103 which allowed the formation of town insurance companies, the Town of Watertown in Jefferson County took full advantage of this opportunity. It’s interesting to note that Wisconsin historically uses the word “town” rather than “township” to denote the governing divisions within its counties. Knowing this verifies that the families coming together to form mutual insurance companies would have been Jefferson County’s most innovative and neighborly-minded farmers.

On Wednesday, November 13, 1872, 35 Town of Watertown property owners met in a school room at Ebenezer Church, south of the city of Watertown. Here they formed the Town of Watertown Mutual Fire Insurance Company. Under the guidance of Chapter 103, the new mutual company allowed property owners in the Towns of Watertown, Ixonia, Milford and Farmington to become members and insure their property. However, it was limited to insuring property in only four adjoining towns and it could not insure in any cities, such as the city of Watertown.

The bylaws they approved at this meeting stated in part that they would only insure for two-thirds of a property’s value. Policies would only be issued for five years. The bylaws also stated that any member who insured their property with more than one company would lose their coverage with Watertown Mutual. Remember, the only insurance offered was for damage caused by fire or lightning!

The mutual members also elected their first board of directors and officers at this meeting. They elected Christian Trachte as president and Friedrich Buckholz as secretary/treasurer. Franz Lehmann, Friedrich Rabbach, and Carl Fischer were also elected as board members. Can you identify them on the photo above?

The mutual commenced business on November 29, 1872, with 35 policies and $49,070 of insurance in force. At the annual meeting on January 6, 1874, the secretary/treasurer reported the mutual had 48 policies with $57,096 of insurance in force. At the annual meeting on January 4, 1875, the mutual had 77 policies with $86,346 of insurance in force.

We appreciate the founding work these early members did for our mutual and we’re proud to carry on the caring commitment they showed so long ago.

Founding Fathers of Watertown Mutual Insurance Co, Watertown, WI. Circa 1875-76.

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By the Minutes: Introduction

1872 Watertown Mutual Founded

1875 Ixonia Mutual Founded

Comparing the Capitalizing of Two Early Mutuals

A Mutual’s First Claim

Supporting Dairy in the Late 1800s

1879 Early Challenges for a Young Mutual

Ixonia Mutual’s First $1000 Loss

1885 A Year of Neighbor Helping Neighbor

Changes of Bylaws

Our Dairy Heritage

Insuring Automobiles

Taxes, War and the English Language

Supporting the Community’s Fire Protection

Board Directors and Their Meetings

Standardization of Wisconsin Mutuals

Of Electricity, Radio and Foxes

Our Annual Meetings Over the Years

Tumultuous 1930-1940s

How a Major Disaster Affected Extended Coverage and Reinsurance

Surviving the Big Dogs in the 1960s

Introducing Agents to the Mutuals

Accounting Over the Years

Centennial Anniversaries

Mutual Offices

Mutual Managers and Staff

Establishing Confidence in Financial Strength

Entering the Era of Computers

The 1990s, Advancement and Angst

The Start of the 21st Century

Concord and Watertown Merge

Ixonia Mutual and Watertown Mutual Merge and a New Company is Formed

Setting the Stage, Moving Forward with a New 2020 Vision

The New Forward Mutual

Post Script

By the Minutes

Historic minutes for Forward Mutual Insurance Company (formerly Ixonia Mutual and Watertown Mutual)

Forward Mutual has a fascinating history that we’d love to share. Segment by segment, Claims Manager Howard Wiedenhoeft will pass along his research of original minutes, documents and photos. He knows this well. After all, Howard faithfully served as the company’s president and CEO for 32 years!

By HOWARD WIEDENHOEFT

This year, Forward Mutual Insurance Company moved its annual meeting back to the Ixonia Town Hall, a location it had used in decades past. As we prepared for the meeting I thought it would be of interest to know where the annual meetings have been held since they first began in 1875. In doing so, I had to look through our minute books. What an interesting re-discovery of the history they hold! We have all the minutes of Ixonia Mutual from its beginning in 1875 and Watertown Mutual from its beginning in 1872. Both these companies merged in 2010 to form Forward Mutual Insurance Company. Watertown Mutual’s minutes were written in German until 1919. I cannot read German, fortunately brief highlights on these minutes have already been transcribed to English. With these books and other historical data, I will try to highlight the history behind Forward Mutual Insurance Company.

Historic minutes for Forward Mutual Insurance Company (formerly Ixonia Mutual and Watertown Mutual)

Why Form a Mutual Insurance Company?

Wisconsin became a state in 1848. The Milwaukee & Watertown Railroad began purchasing land in 1853. Rural Wisconsin was beginning to develop and rural residents of the state were unable to find affordable fire insurance. On March 25, 1872, the Wisconsin Chapter 103 was passed to allow the formation of town insurance companies. According to requirements, 25 residents of a township and $25,000 of property to insure against loss by fire or lightning were needed to form an insurance company. It’s interesting to note the guidelines. Mutual members were allowed one vote for each $200 of insurance they purchased and they could vote for directors and by-laws (policy language). Members also agreed to pay their proportionate share of each member loss after it occurred. Mutual companies could write insurance in their township and adjoining townships, but they could not exceed four townships or cross county lines.

Many Changes, but the Same Care

The mutual insurance industry has changed a lot since those early days, but one thing is the same: Forward Mutual remains committed to customers and quality. It’s our promise to you.

We’re going to continue coverage of our company’s history, so be sure to check back!

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By the Minutes: Introduction

1872 Watertown Mutual Founded

1875 Ixonia Mutual Founded

Comparing the Capitalizing of Two Early Mutuals

A Mutual’s First Claim

Supporting Dairy in the Late 1800s

1879 Early Challenges for a Young Mutual

Ixonia Mutual’s First $1000 Loss

1885 A Year of Neighbor Helping Neighbor

Changes of Bylaws

Our Dairy Heritage

Insuring Automobiles

Taxes, War and the English Language

Supporting the Community’s Fire Protection

Board Directors and Their Meetings

Standardization of Wisconsin Mutuals

Of Electricity, Radio and Foxes

Our Annual Meetings Over the Years

Tumultuous 1930-1940s

How a Major Disaster Affected Extended Coverage and Reinsurance

Surviving the Big Dogs in the 1960s

Introducing Agents to the Mutuals

Accounting Over the Years

Centennial Anniversaries

Mutual Offices

Mutual Managers and Staff

Establishing Confidence in Financial Strength

Entering the Era of Computers

The 1990s, Advancement and Angst

The Start of the 21st Century

Concord and Watertown Merge

Ixonia Mutual and Watertown Mutual Merge and a New Company is Formed

Setting the Stage, Moving Forward with a New 2020 Vision

The New Forward Mutual

Post Script

Giving Back to the Community

Forward Mutuals full circle of Neighbor Helping Neighbor

At Forward Mutual’s recent annual policyholder’s meeting, Kim Ersland, Regional Marketing Manager for Grinnell Re, evoked an interesting thought. She said Forward Mutual gives back to the community every time it pays a claim.

Forward Mutual has a rich tradition of “neighbor helping neighbor” and it’s long been involved with the community. But how does paying claims fit into this scenario? Perhaps it’s an indirect way of giving back, but it’s important nonetheless. Let’s examine this further, because it happens wherever people live, work and play.

When a disaster causes damage to a policyholder’s property, Forward is quick to make an examination and pay the necessary claim to make repairs. This funding enables property owners to 1) make repairs themselves and spend locally for supplies, or 2) hire local contractors, which provides jobs and enables them to spend locally for supplies. When we spend local, we keep our money local. When we hire local contractors, we enable them to support their families, buy homes, and commit themselves to the community.

Here’s where “neighbor helping neighbor” shows through the greatest. Forward is a mutual organization, meaning it’s the policyholders themselves who are giving back to the community. Because of the support of other policyholders, people can afford the risk of starting a business or purchasing property. 

“Without the support of Forward Mutual, the ability to buy a home or farm or start a small business becomes less likely as consumers are not able to afford the risk they would have,” explains Ersland.  “A single loss would mean risking everything. People cannot and will not make that choice as it is too high a level of uncertainty, but mutual insurance makes sure that the risk is possible. I think it is one of the most unique and integral parts of supporting a community as it allows it to grow and thrive with less uncertainty.” 

Giving back to our community is an investment that benefits everyone. Forward Mutual is proud to offer its support.

Forward Mutual's 2016 annual report