Grinnell Mutual
{{short description|Mutual insurance company}}
{{Infobox company
| name = Grinnell Mutual
| logo = Grinnell_Mutual_logo.jpg
| logo_size = 300px
| type = Mutual
| industry = Insurance, Reinsurance
| num_locations = 17 states
| key_people = {{Unbulleted list|Jeff Menary, CEO and Dave Wingert, President}}
| num_employees = 769 (as of Dec. 31, 2023)
| foundation = April 17, 1909
| location = Grinnell, Iowa, USA
| homepage = [http://www.grinnellmutual.com grinnellmutual.com]
}}
Grinnell Mutual is a property-casualty mutual insurance company and reinsurer based in Grinnell, Iowa, United States.
Business performance
Grinnell Mutual is the 110th largest property-casualty insurance company in the U.S. Its products are available in 17 states. Grinnell Mutual is the largest direct reinsurer of farm mutual companies in North America. With its member mutuals, it has over $210 billion of total reinsured value.{{citation needed|date=February 2020}}
The company has held an AM Best 'A' (Excellent) rating for financial strength since 1991.{{cite web |title=AM Best Rating Services {{!}} Grinnell Mutual Reinsurance Company |url=https://ratings.ambest.com/CompanyProfile.aspx?BL=0&ambnum=442&AltNum=210442&AltSrc=3 |website=AM Best Rating Services |publisher=AM Best |access-date=27 January 2022}}
History
In 1909, the company was formed in Greenfield, Iowa as "Iowa Farmers Mutual Reinsurance Association" by John Evans to provide reinsurance for county mutuals in Iowa.{{cite web |title=John Evans, President of the Iowa Association of Mutual Insurance Associations |url=http://www.iihof.org/Objects/Profiles/14_Evans.pdf |website=Iowa Insurance Hall Of Fame |accessdate=27 May 2020}} In 1933, the company moved to Grinnell, Iowa, and changed its name to "Farmers Mutual Reinsurance Association".{{cite web |title=John Evans, President of the Iowa Association of Mutual Insurance Associations |url=http://www.iihof.org/Objects/Profiles/14_Evans.pdf |website=Iowa Insurance Hall Of Fame |accessdate=27 May 2020}} The name changed again in 1948 to "Farmers Mutual Reinsurance Company". The current legal name, "Grinnell Mutual Reinsurance Company," was adopted in 1963.{{cite web |title=Business Entity Summary |url=https://sos.iowa.gov/search/business/summary.aspx?q=0_bpZqU2PrOsEIDuXBCsJh1H7HZRAbFK8y2W3tryg-9ka6E7LWl-NZbXwx2Q1oEuL3fYI7MNkYIbjVyT8CrM-PTs_NQLetPL3kN1BsQK_Y7UcvNi0UtgUOAhqIvFasYbk1Yv5HRA-mK-QKvmPoHegKKHw-FLyWVR7q8_dT3Pg3lz3mn2E2OlB8fNwtMndSgjI2VrHhVX5ecPMg4SCQm5rY9Ra8mnju1q5-JE0qdSTkmd9IT19xamzVxLj6GzvTSP3IylZuIPF4lJEox6_45Q_KZf12GuBCqn5mPp-wtuR0u23dLn77Gugdcf_HnHnSjlnSHqrtmlM3SGLr3DWoxN7nMCmLRjcZqnSBqnpdaoSf3RS8kE6xrlZ_8NQILoH4b-4B8wtXcqR7fcwLudr3U8UYHG6ZAdWokZCDgxePt-9-A1 |website=Iowa Secretary of State |accessdate=27 May 2020}} The company adopted the “Grinnell Mutual” and “[https://www.grinnellmutual.com/grinnell-re Grinnell Re]" brands in 2017.
In 2014, Grinnell Mutual was one of first six companies investing in the Global Insurance Accelerator,{{Cite web|url=https://www.globalinsuranceaccelerator.com/|title=Global Insurance Accelerator - Des Moines, Iowa|website=www.globalinsuranceaccelerator.com|language=en|access-date=2018-04-23}}{{Cite web|url=https://www.grinnellmutual.com/about-us/newsroom/Grinnell-Mutual-joins-the-Global-Insurance-Accelerator|title=Grinnell Mutual Joins the Global Insurance Accelerator|website=Grinnell Mutual|access-date=2018-04-23}} the first startup accelerator for insurtech.
In response to the COVID-19 pandemic, Grinnell Mutual announced the Trust in Tomorrow Premium Payback.{{cite web |title=Trust in Tomorrow Premium Payback |url=https://grinnellmutual.com/about-us/newsroom/trust-in-tomorrow-premium-payback |website=Grinnell Mutual |accessdate=13 May 2020}} This was one of a series of actions in March–May 2020 to assist policyholders affected by the pandemic, including moratoriums on policy cancellations and other actions to help both auto and commercial policyholders through this unsettled time.{{cite web |title=Grinnell Mutual activates coronavirus response plan |url=https://grinnellmutual.com/about-us/newsroom/coronavirus |website=Grinnell Mutual |accessdate=13 May 2020}}
Awards
In addition to its 'A' rating from AM Best, Grinnell Mutual has been recognized as an Iowa Top Workplace{{cite web|url=https://topworkplaces.com/publication/desmoinesregister/|title=About Grinnell Mutual Reinsurance Company|website=Iowa Top Workplaces|publisher=The Des Moines Register|accessdate=4 November 2020}} since 2011.{{cite web|url=https://grinnellmutual.com/about-us/newsroom/top-workplace|title=Grinnell Mutual Named Top Workplace for Tenth Consecutive Year|publisher=Grinnell Mutual|archiveurl=https://web.archive.org/web/20201021191453/https://www.grinnellmutual.com/about-us/newsroom/top-workplace|archivedate=21 October 2020|url-status=bot: unknown|access-date=4 November 2020}}
Gallup recognized Grinnell Mutual with its [https://www.gallup.com/workplace/287672/gallup-exceptional-workplace-award-winners-2020.aspx 2021 Gallup Exceptional Workplace Award]. The award recognizes the most engaged workplace cultures globally.{{cite news |last1=Harter |first1=Jim |last2=Rubenstein |first2=Kristi |last3=McLain |first3=Denise |title=Announcing the 2021 Gallup Exceptional Workplace Award Winners |url=https://www.gallup.com/workplace/339815/announcing-2021-gallup-exceptional-workplace-award-winners.aspx |access-date=7 April 2021 |date=18 March 2021}}
Forbes ranked Grinnell Mutual the fifth best Iowa employer in their inaugural list of America's Best-in-State Employers.{{Cite news|url=https://www.forbes.com/best-employers-by-state/#18547a2d487a|title=America's Best Employers By State|last=Valet|first=Vicky|date=June 5, 2019|work=Forbes|access-date=June 6, 2019}}
Firsthand (formerly Vault) has recognized Grinnell Mutual's co-op [https://grinnellmutual.com/about-us/careers/internship-program program] as a Top 50 Internship since 2018.{{Cite web|url=https://www.vault.com/best-internships-rankings-search/top-100-internships|title=The 100 Best Internships|last=|first=|date=4 November 2020|website=Vault|access-date=4 November 2020}} In 2020, Vault ranked Grinnell Mutual as the #2 best financial services internship, #3 best internship for real-life experience, and #4 best internship for overall career development.{{Cite web|url=https://www.vault.com/internship-program/insurance/grinnell-mutual-co-op-program/internship-opportunities|title=2020 Vault Rankings|last=|first=|date=4 November 2020|website=Vault|access-date=4 November 2020}}
Ward Group has recognized Grinnell Mutual as a Top 50 Property and Casualty Performer since 2016.{{Cite web|url=https://ward.aon.com/ward-benchmarking/wards50/property-casualty/|title=2019 Property-Casualty Ward's 50 Companies|last=|first=|date=16 July 2019|website=|access-date=}} Ward Group screens property-casualty insurance companies for safety, consistency, and achieving superior performance on equity, assets, total revenue, growth in revenue, growth in surplus, and combined ratio over a five-year period.
Valchoice named Grinnell Mutual a Best Car Insurance Company in six states: Minnesota,{{cite web |title=Best Car Insurance in Minnesota |url=https://www.valchoice.com/consumer-insurance-information/best-car-insurance-minnesota/ |website=ValChoice |access-date=2 July 2021 |date=23 March 2021}} Nebraska,{{cite web |title=Best Car Insurance in Nebraska |url=https://www.valchoice.com/consumer-insurance-information/best-car-insurance-nebraska/ |website=ValChoice |access-date=2 July 2021 |date=23 March 2021}} North Dakota,{{cite web |title=Best Car Insurance in North Dakota |url=https://www.valchoice.com/consumer-insurance-information/best-car-insurance-north-dakota/ |website=ValChoice |access-date=2 July 2021 |date=23 March 2021}} Ohio,{{cite web |title=Best Car Insurance in Ohio |url=https://www.valchoice.com/consumer-insurance-information/best-car-insurance-ohio/ |website=ValChoice |access-date=2 July 2021 |date=23 March 2021}} South Dakota,{{cite web |title=Best Car Insurance in South Dakota |url=https://www.valchoice.com/consumer-insurance-information/best-car-insurance-south-dakota/ |website=ValChoice |access-date=2 July 2021 |date=23 March 2021}} and Wisconsin.{{cite web |title=Best Car Insurance in Wisconsin |url=https://www.valchoice.com/consumer-insurance-information/best-car-insurance-wisconsin/ |website=ValChoice |access-date=2 July 2021 |date=23 March 2021}} Valchoice used data from state insurance commissioners, the National Association of Insurance Commissioners, AM Best Company, and S&P to determine their ratings.{{cite web |title=Best Car Insurance Companies |url=https://www.valchoice.com/best-car-insurance/ |website=ValChoice |access-date=2 July 2021}}
Related Companies
- Grinnell Compass — An auto insurance provider
- Grinnell Select — An auto insurance provider
- Grinnell Specialty Agency — Other lines of insurance{{cite web|url=https://grinnellspecialtyagency.com/|title=Grinnell Specialty Agency|website=Grinnell Specialty Agency|publisher=Grinnell Mutual Reinsurance Company|accessdate=14 March 2017}}
References
{{reflist}}
External links
- {{Commonscatinline}}
- {{Official|http://www.grinnellmutual.com/}}
- [http://www3.ambest.com/ratings/entities/CompanyProfile.aspx?BL=0&ambnum=442&AltNum=210442&AltSrc=3 A.M. Best Rating Services analysis]
- [https://iid.iowa.gov/documents/examination-reports/property-casualty/grinnell-mutual-reinsurance-company-examination Iowa Insurance Division Examination Report]
- [https://iid.iowa.gov/documents/examination-reports/property-casualty/grinnell-mutual-reinsurance-company-market-conduct Iowa Insurance Division Market Conduct Examination Report]
Category:Financial services companies established in 1909
Category:Companies based in Iowa
Category:Economy of the Western United States
Category:Mutual insurance companies of the United States
Category:Reinsurance companies