Federated Insurance® Shares Message of Delivering Value through Customer Service During Annual Policyholders Meeting
Federated Mutual Insurance Company hosted its 119th Annual Meeting of Policyholders on Tuesday, April 18, 2023, in Owatonna.
Chairman Jeff Fetters presided over the meeting. He reflected on how for 119 years, the organization has remained true to its founding purpose through exceptional customer service, face-to-face relationships, innovative risk management services and coverages, and an unwavering commitment to protect clients instead of merely selling insurance.
“Federated Insurance was originally founded in 1904 by the Minnesota Implement Dealers Association (MIDA) as a benefit to its members,” Fetters explained. “Our purpose in 1904 was to provide risk management support and insurance protection to safety-minded businesses. Our mission remains the same today, and as a mutual company, we devote our full attention to the best interests of our clients and employees.”
“I am exceptionally proud of our highly talented and dedicated employees,” Fetters continued. “As organizations faced challenges ranging from tornados, to crash-related litigation, to retaining essential employees, Federated employees were there to provide counsel, support and the invaluable risk management tools and services our clients needed to remain successful.”
A commitment to its mission and unmatched service helped Federated Insurance achieve one of the best years in its 119-year history. Highlights include:
Record-setting total assets, $11.2 billion; invested assets, $9.9 billion; policyholder surplus, $4.6 billion; total property and casualty and life premium, $2.52 billion; property and casualty net premium, $2.15 billion; and total property and casualty accounts, 44,059.
Federated Life® Insurance Company saw $263 million in premium, $2.60 billion in assets, and $599 million in capital and surplus.
Federated launched Federated DriveSAFESM, a telematics app solution designed to help improve driving habits among Federated’s clients’ company drivers and create safer roads for all.
Federated was rated A+ (Superior) by insurance industry analyst A.M. Best® for the 23rd consecutive year.
The 2022 Federated Challenge® raised a record-breaking $3.876 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 $48 million for youth mentoring.
Federated employees are the #1 source of mentors for Big Brothers Big Sisters® of Southern Minnesota, and Federated was named to the 2022 National Corporate Mentoring Honor Roll.
Federated employees raised $301,864 — coupled with a $103,300 corporate gift — for the United Way®. Approximately $325,000 will stay locally in Steele County.
Employees who participated in Federated’s 2022 employee gift matching program donated nearly $100,000 to 200 charitable causes across the nation.
“We believe wholeheartedly in the importance of serving the needs of others for the betterment of our community,” said Fetters. “Federated is growing and prospering. We’re committed to sharing our success with Owatonna and all the communities where our employees live and work through meaningful charitable donations and corporate citizenship.”
Meeting proceedings included Board of Director three-year term renewals for the following Directors: Camelia L. Clarke, Jeffrey E. Fetters, James R. Giesler, and Sarah B. Person. Jason A. Courter, COO of Honda Auto Center of Bellevue, Washington, was elected to the Board for his first one-year term.
Policyholders reviewed and voted to approve several changes to the Articles and Bylaws of Federated Mutual Insurance Companies to comply with new Minnesota state statutes.
Retiring Director David Adcox and his wife, Connie, were recognized during the meeting and presented with a resolution honoring their faithful Board service. “Since 2013, David has been a devoted voice for the Fuel Marketer and Distributor industry on the Federated Insurance Board of Directors. We are grateful to have benefitted from his experience and passion,” Fetters said. “David and Connie will always be treasured friends and greatly missed.”
Federated’s 2023 Chairman’s Career Award recipient was Senior Marketing Representative Kevin Kramer of Minneapolis, Minnesota. Kramer was recognized during the meeting for his career-long achievements as a marketing representative. The Chairman’s Career Award is a marketing representative's highest recognition. It is presented to individuals who have outstanding marketing careers of superior policyholder service for 25 years or more, sustained high-performance levels, and gained the trust of their clients and colleagues. Kramer’s name will be added to the tribute to all Chairman’s Career Award recipients, displayed in Federated’s home office.
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About Federated Insurance
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®.
At Federated Insurance, It’s Our Business to Protect Yours.®
About the Author
The Mason Contractors Association of America (MCAA) is the national trade association representing mason contractors. The MCAA is committed to preserving and promoting the masonry industry by providing continuing education, advocating fair codes and standards, fostering a safe work environment, recruiting future manpower, and marketing the benefits of masonry materials.
