The 121st Annual Federated Insurance® Policyholders Meeting Marks Record-Setting Year

Federated Mutual Insurance Company hosted its 121^st Annual Meeting of Policyholders on Tuesday, April 15, 2025, in Owatonna, Minnesota.

Newly elected Federated Insurance Chairman, President and CEO Nicholas Lower presided over the meeting for the first time and began by thanking the company’s more than 47,000 policyholders. “Our business owner clients, the very backbone of our economy, create jobs and employ hundreds of thousands of our fellow citizens. We exist to enhance their success and, in doing so, play a key role in helping them serve the communities in our great nation,” he said. “We are grateful to have earned their trust, and it is an honor to fulfill our promise to these fine organizations.”

Lower then credited Federated’s nearly 3,000 employees for the company’s strong 2024 financial results. “We are in the best financial position in our history, which allows us to protect more American businesses than ever before, reinvest in meaningful products and services, enhance employee benefits and career opportunities, and further support our community. Federated’s incredible employees continue to be the driving force behind our outstanding financial results and competitive separation in the insurance industry.”

Company highlights from 2024 include:

• Record-setting total assets, $13.5 billion; total invested assets, $11.9 billion; policyholders’ surplus, $5.7 billion; total property and casualty and life premium, $3.25 billion; property and casualty net premium, $2.792 billion; and total property and casualty accounts, 47,033.
• Federated Life^® Insurance Company saw a total collected premium of $320 million, $2.87 billion in assets, and $726 million in capital and surplus.
• Federated was rated A+ (Superior) by insurance industry analyst A.M. Best^® for the 26th consecutive year.
• Federated was named to the 2024 Ward’s 50^® group of top performers for property-casualty and life-health.
• The 2024 Federated Challenge^® raised a record-breaking $4.537 million for Big Brothers Big Sisters’^® three Minnesota agencies and Big Brothers Big Sisters of America^®. Since 2005, the Federated Challenge has raised more than $57 million for youth mentoring.
• Federated was named to the 2024 National Corporate Mentoring Honor Roll in recognition of outstanding support of youth mentoring.
• Federated employees raised $302,687 for the United Way^®. Combined with a $146,220 corporate gift, Federated’s total United Way contribution totaled $448,907, contributing to United Way organizations across the country.
• As part of Federated’s 2024 employee gift matching program, employees supported 212 charitable programs across the nation, resulting in $123,110 in matched contributions.
• Federated partnered with Wallin Education Partners to award another five local students from Owatonna High School with Wallin Scholarships in 2024. Federated committed to supporting 25 students total from 2023-2027 with multi-year scholarships for an investment total of $575,000.

Meeting proceedings included introducing President and CEO of Genesee Energy, Steven Clark, of Seattle, Washington, who is newly elected to the Federated Insurance Companies Board of Directors for a one-year term. Current Board Directors Michael Keller, Darlene Miller, Thomas Nobbe, and Timothy Whicker were also elected for an additional three-year term.

Retired Federated Insurance Chairman Jeff Fetters was recognized with a resolution honoring his faithful Board service. Fetters served as a Board Director from January 7, 2009, to December 31, 2024. He became Chairman of the Board on November 30, 2012. “Jeff was a truly transformational leader who left a legacy of vision, integrity, and purpose across our organization throughout his incredible 45-year career,” Lower said. “During his tenure as Chairman, we achieved 12 consecutive years of double-digit profitable growth, deepened our commitment to risk management value, strengthened our unique culture, and more than doubled the number of clients we protect across the nation. Yet, when he retired at the end of 2024, he was adamant that the company's best years were still right in front of us.”

Federated Senior Marketing Representative Ryan Olmsted and his wife Nicole, of Mobile, Alabama, were also recognized during the meeting for being named the company’s 2024 Chairman’s Career Award Winner. Presented to a single individual during any given year, the Chairman’s Career Award is the highest recognition the company bestows upon its marketing representatives. It is presented to individuals who have outstanding marketing careers with superior policyholder service for 25 years or more, sustain high-performance levels, and gain the trust of their clients and colleagues. 

Prior to the Annual Meeting, Olmsted’s name and achievements were added to the Federated Historical Museum Jeffrey Fetters Gallery, a space opened in 2024 at the Home Office and dedicated to past Chairman Jeff Fetters for his vision of preserving Federated’s rich history and inspiring pride in the evolving organization for future generations. The museum features interactive displays, historical artifacts, and more.

“Federated’s future is incredibly bright,” Lower said. “We are moving forward, focused on the continued profitable growth that we know benefits our clients, association partners, employees, and community. This is a great time in our company’s 121-year history, and we look forward to being yet another generation of success at Federated Insurance.”

About Federated Insurance

Founded in 1904, Federated Mutual Insurance Company is a national insurance and risk management organization that supports the property, casualty, and life insurance needs of clients in select industries. The organization has more than 500 recommendations from local, state, regional, and national associations and buying groups and is rated A+ (Superior) by industry analyst A.M. Best^®.

At Federated Insurance, It’s Our Business to Protect Yours.^®