Federated Holds 2012 Annual Policyholder Meeting
April 17, 2012
Owatonna-Federated Insurance Companies held its 108th annual policyholder meeting on Tuesday April 17, 2012 at the company’s home office in Owatonna, Minnesota. During the gathering, President-CEO Jeff Fetters explained that, despite the economic and social challenges in the nation and throughout the world last year, Federated emerged from 2011 in a strong financial position.
“I am happy to report that Federated Insurance is in exceptional financial condition — the best in the company’s 108-year history,” Fetters said.
As in the previous year, Federated remains among a small group of companies in its peer group that has consistently achieved a significant gain in surplus — a key factor in measuring an insurer’s ability to protect its policyholders.
Both Fetters and Chairman Al Annexstad attributed the company’s continuing success to the quality, expertise, discipline, and hard work of Federated employees.
During his opening remarks, Annexstad paid special tribute to Jairus E. “Jerry” Meilahn, who is retiring from Federated after 62 years of service, including 18 years on the company’s board of directors.
“Jerry has made extraordinary contributions to the Federated organization over a long and storied career,” Annexstad said. “Jerry and his dear wife Jan are treasures. We shall forever be in their debt.”
Annexstad also announced that Meilahn was being named the first “director emeritus” to sit on the Federated board.
“Jerry,” Annexstad said, directly addressing Meilahn, “you will always be held in the highest esteem in the company that you helped build.”
Lester H. Killebrew, a long-time John Deere implement dealer from Alabama, was elected to a one-year term on the board of directors to fill the seat vacated by Meilahn’s retirement. Re-elected to the board for three-year terms were James H. Lipscomb III of Greenville, Miss., Roger W. Peugeot of Prairie Village, Kan., and Stuart J. Seiler of Duluth. Senior Vice President A. Daniel Lewis, a member of the board, was elected secretary, replacing Meilahn.