Chairman Jeff Fetters presides over Annual Policyholders Meeting.
Federated Mutual Insurance Company hosted its 117th Annual Meeting of Policyholders on Tuesday, April 20, 2021, in Owatonna.
Chairman Jeff Fetters presided over the meeting. He began by thanking the 40,000+ policyholders who allowed Federated Insurance to help protect their businesses.
“While 2020 wasn’t what we hoped for or expected, it reaffirmed what makes Federated an extraordinary organization,” said Fetters. “It also allowed us to do what we do best — be a source of comfort and knowledge during times of uncertainty. And while the pandemic seemed to take center stage, the year also challenged us with many other things, such as severe weather and an influx of devastating yet preventable vehicle crashes. Through it all, our marketing representatives continued to build relationships of trust with our clients. And, I’m heartened to say that Federated employees also provided resources and support to businesses and clients — as well as the 520 industry associations and buying groups that recommend our organization to their members — with impressive commitment and flexibility.”
Delivering value was a recurring theme during the Annual Policyholders Meeting. “Our number one value to clients is risk management,” said Fetters. “Sound risk management practices help save lives, prevent injuries, and protect businesses. And our ability to deliver this number one value is made possible through financial strength.”
Year-end highlights include:
- Record-setting total assets, $9.6 billion; invested assets, $8.6 billion; policyholder surplus, $4.01 billion; total property and casualty and life premium, $2.04 billion; property and casualty net premium, new property and casualty premiums, total accounts, total life applications, and in-force life insurance.
- Federated Life® Company saw $233 million in premium (including annuities), $2.26 billion in assets, and $506 million in capital and surplus.
- Federated Insurance offered the COVID-19 Client Relief Credit — investing $23 million in premium relief to help qualifying clients. Federated also provided 1,200 qualifying clients billing flexibility, including extended due dates and grace periods, opportunities to develop payment plans, and moving payment amounts to future months when on installment.
- Federated was rated A+ (Superior) by insurance industry analyst A.M. Best® for the 22nd consecutive year.
- The 2020 Federated Challenge raised a record-breaking $3.087 million for Big Brothers Big Sisters® three Minnesota agencies and Big Brothers Big Sisters of America®.
- Federated Insurance was named a Star Tribune Top 150 Workplace for the third consecutive year.
- During a record-breaking year, Federated employees raised nearly $300,000 — coupled with a $100,000 corporate gift — for the United Way.
- More than 500 employees participated in Federated’s 2020 employee gift matching program — the highest participation ever — and raised $175,000 to be donated to the qualifying non-profit or higher education institution of the employee’s choice.
- Federated Insurance supported more than 250 nonprofit organizations across the country.
- Federated Insurance donated meals to healthcare workers; called every non-profit in Minnesota in March 2020 to inquire about volunteer needs we could help meet; and processed non-profit donations early.
“We promoted volunteering opportunities among our employees, and I am tremendously proud of how they rose to the challenges 2020 presented,” said Fetters. “It warmed my heart to see everyone working together to fulfill our mission despite unprecedented circumstances. Employees also selflessly served their communities during the past year, donating to worthy causes, volunteering, and lending their time and talents to help their neighbors in need.”
“I am also proud of the significant steps our organization took to develop and install the next generation of leadership at Federated in 2020 with the appointment of Michael G. Kerr as president and chief executive officer and Nicholas R. Lower as executive vice president – chief operating officer,” said Fetters.
“The past year reaffirmed our commitment to our culture,” said Fetters. “We are proud to be an organization that builds relationships with its clients, associations, and employees face-to-face, eye-to-eye. We truly are better together.”
In light of the CDC’s recommended COVID-19 safeguards prohibiting large gatherings, only the board of directors who are also clients gathered in order to practice social distancing.
Meeting proceedings included board of director term renewals for the following directors: David P. Frame, Michael G. Kerr, and Major General James (Jim) H. Lipscomb III.
Jim Lipscomb was recognized for his remarkable 25 years of service as a Federated board director. He is only the sixth director in Federated’s history, who was not a chairman or employee, to serve more than 25 years.
Founded in 1904, Federated Insurance is a national insurance and risk management organization that serves the property, casualty, and life insurance needs of clients in select industries. The organization has more than 500 recommendations from state, regional, and national associations and buying groups and is rated A+ (Superior) by industry analyst A.M. Best® Company.
At Federated Insurance, It’s Our Business to Protect Yours.®
Published Date:April 21, 2021