Historical Overview/Company Background
Humboldt Mutual Insurance Association was first incorporated as Farmer's Mutual Fire and Lightning Company on September 25, 1886. The first office was in Bode, Iowa. Captain T. A. Rossing was the first Executive Secretary and his brother-in-law, Andrew Gullixson, was the first President. Captain Rossing was a civil war veteran and Mr. Gullixson came to the Bode area by oxen in 1865 to farm. The first policy was issued to Captain Rossing whom also sustained the first loss. Captain Rossing was paid $15.00 for house and contents fire damage, caused by lightning.
In 1890 there were 150 policyholders. Agents were appointed to each township in 1891. The following year the company name was changed to Humboldt Mutual Insurance Association. Directors moved their regular meetings from Bode to Humboldt in 1893. Some of the early meeting places were Nelson's Theatre, Safety Savings Bank, Public Library, City Hall, State Bank, Nelson's Hotel and First National Bank.
The Board approved insuring town property in 1892. Two Humboldt Mutual delegates attended the State Mutual Insurance Convention for the first time in 1895. The Company advertised for the first time in 1901. Maximum risks were raised from $5,000 to $8,000 in 1907. Ten years later the Executive Secretary was instructed to reinsure items insured in excess of $10,000, with other reliable Mutual companies. The first reinsurance expense item was recorded in 1918 in the amount of $46.11. The first typewriter was purchased in 1921.
The Humboldt Mutual office was moved to the Humboldt Legion Building in 1932. At that time, Township agents were discontinued and the nine company Directors were the only agents. Company Directors also adjusted all claims. A few years later the Mutual office was moved to 2nd floor of the First National Bank Building. A fire reinsurance contract was approved with Farmer's Mutual Reinsurance Company, in 1943 (now known as Grinnell Mutual Reinsurance Company). One year later, the Board approved accepting insurance coverage on gas and oil powered tractors. Separate windstorm insurance policies became available in 1946 written direct with Iowa Mutual and Tornado. The first Humboldt Mutual combination fire and windstorm policy was issued in 1957 (windstorm was reinsured 100% with Iowa Mutual and Tornado). The Humboldt Mutual Insurance Association annual policyholder meeting was changed, in 1953, from the second Monday in January to the fourth Monday in January.
A vacant building site at 513 Sumner Avenue was purchased in 1957 and the original 37' x 40' office building was constructed and dedicated in 1959. The IMT wind reinsurance contract was terminated in 1962 and all reinsurance was then placed with Grinnell Mutual Reinsurance Company. Humboldt Mutual Insurance Association operated 90 years with director agents but began transition to full-time agents in 1976, completing the transition in 1983. Nine full-time Independent Insurance Agencies presently represent Humboldt Mutual Insurance Association, serving Humboldt and adjoining counties.
A part-time adjuster was hired in 1982 and the position was changed to full-time in 1984. Also in 1984 the office basement was remodeled for additional office space and was leased to Abens-Marty-Pipho Insurance Agency. Humboldt Mutual purchased its first computer in 1990 and became fully automated that same year. Since then, policy processing, accounting and claims processing have been completed with computer technology. A 37' x 38' office addition was constructed and dedicated in 1993. At that time an expanded lease was approved with Abens-Marty-Curran Agency to include both the lower level offices and approximately 2/3 of the new addition. A part-time inspector was hired in 1998 and the position was made full-time in 2002. A part-time bookkeeper was hired in 2013 and another part-time building inspector in 2014.
Humboldt Mutual Insurance Association has always kept the needs of its members in mind during the last 128 years of Service. Humboldt Mutual also continues to be a very strong, competitive company and carries this tradition into future years of service to Policyholders and Agents.
County Mutual Role in Iowa’s Economy
Few people realize the large number of County Mutual Insurance Associations domiciled in the state of Iowa and the strong positive social and economic impact they have made in their local communities over the last 125-150 years.
Background: County Mutual Insurance Associations are local property Insurance Companies, authorized to operate under Iowa Code 518 & 518A. County Mutual Companies are allowed to write business in their County of domicile and all contiguous Counties. Mutual policyholders own and control their local companies through elected board of directors. Annual policyholder meetings are held each year, for the purpose of electing directors, reviewing annual financial results and discussing any other business that might be brought before the meetings.
Iowa County Mutual Insurance Associations were formed in the last half of the 19th century to provide financial protection (primarily from the risk of fire) to early settlers in the agricultural Midwestern United States. Eastern companies were too far away to provide adequate service and in most cases were charging premiums that were excessive and unaffordable. County Mutual companies were more able to provide local service at affordable premiums by insuring friends and neighbors in local communities.
Since those early years, County Mutual Insurance Associations have survived through good and bad years providing stability and security to member policyholders. Unfortunately many large stock companies have been in and out of the farm business depending on profitability of the business. County Mutual’s have always been in for the long term. Millions of dollars have been paid in claims to local policyholders, helping restore their property and strengthening local economies. Policyholder surplus has been deposited in local financial institutions and made available for further investment in our local communities. Company payrolls, operating expense and agent commissions are also a boost to our local economies.
Presently, Humboldt Mutual Insurance Association employs eight staff personnel (3 full-time & 5 part-time) and is contracted with seven Independent Insurance Agencies with over 115 apointed agents to market insurance products and to service Mutual Policyholders. Humboldt Mutual Insurance Association has placed reinsurance and combination policy agreements with Grinnell Mutual Reinsurance Company. ‘A’ rated by AM Best Grinnell Mutual is the largest Farm Reinsurance Carrier in the Midwest. Our special relationship with Grinnell Mutual allows us to provide an additional level of security and protection to our policyholders for fire, windstorm, extended perils, comprehensive personal and farm liability, whether they live on the farm or in town. Humboldt Mutual has provided security to members since the later part of the 19th century, through the entire 20th century and is well on its way into the 21st century and beyond.
Officers- 1886 through January 2014
Humboldt Mutual Insurance Association was first incorporated as Farmer's Mutual Fire and Lightning Company on September 25, 1886. The first office was in Bode, Iowa. Captain T. A. Rossing was the first Executive Secretary and his brother-in-law, Andrew Gullixson, was the first President. Captain Rossing was a civil war veteran and Mr. Gullixson came to the Bode area by oxen in 1865 to farm. The first policy was issued to Captain Rossing whom also sustained the first loss. Captain Rossing was paid $15.00 for house and contents fire damage, caused by lightning.
In 1890 there were 150 policyholders. Agents were appointed to each township in 1891. The following year the company name was changed to Humboldt Mutual Insurance Association. Directors moved their regular meetings from Bode to Humboldt in 1893. Some of the early meeting places were Nelson's Theatre, Safety Savings Bank, Public Library, City Hall, State Bank, Nelson's Hotel and First National Bank.
The Board approved insuring town property in 1892. Two Humboldt Mutual delegates attended the State Mutual Insurance Convention for the first time in 1895. The Company advertised for the first time in 1901. Maximum risks were raised from $5,000 to $8,000 in 1907. Ten years later the Executive Secretary was instructed to reinsure items insured in excess of $10,000, with other reliable Mutual companies. The first reinsurance expense item was recorded in 1918 in the amount of $46.11. The first typewriter was purchased in 1921.
The Humboldt Mutual office was moved to the Humboldt Legion Building in 1932. At that time, Township agents were discontinued and the nine company Directors were the only agents. Company Directors also adjusted all claims. A few years later the Mutual office was moved to 2nd floor of the First National Bank Building. A fire reinsurance contract was approved with Farmer's Mutual Reinsurance Company, in 1943 (now known as Grinnell Mutual Reinsurance Company). One year later, the Board approved accepting insurance coverage on gas and oil powered tractors. Separate windstorm insurance policies became available in 1946 written direct with Iowa Mutual and Tornado. The first Humboldt Mutual combination fire and windstorm policy was issued in 1957 (windstorm was reinsured 100% with Iowa Mutual and Tornado). The Humboldt Mutual Insurance Association annual policyholder meeting was changed, in 1953, from the second Monday in January to the fourth Monday in January.
A vacant building site at 513 Sumner Avenue was purchased in 1957 and the original 37' x 40' office building was constructed and dedicated in 1959. The IMT wind reinsurance contract was terminated in 1962 and all reinsurance was then placed with Grinnell Mutual Reinsurance Company. Humboldt Mutual Insurance Association operated 90 years with director agents but began transition to full-time agents in 1976, completing the transition in 1983. Nine full-time Independent Insurance Agencies presently represent Humboldt Mutual Insurance Association, serving Humboldt and adjoining counties.
A part-time adjuster was hired in 1982 and the position was changed to full-time in 1984. Also in 1984 the office basement was remodeled for additional office space and was leased to Abens-Marty-Pipho Insurance Agency. Humboldt Mutual purchased its first computer in 1990 and became fully automated that same year. Since then, policy processing, accounting and claims processing have been completed with computer technology. A 37' x 38' office addition was constructed and dedicated in 1993. At that time an expanded lease was approved with Abens-Marty-Curran Agency to include both the lower level offices and approximately 2/3 of the new addition. A part-time inspector was hired in 1998 and the position was made full-time in 2002. A part-time bookkeeper was hired in 2013 and another part-time building inspector in 2014.
Humboldt Mutual Insurance Association has always kept the needs of its members in mind during the last 128 years of Service. Humboldt Mutual also continues to be a very strong, competitive company and carries this tradition into future years of service to Policyholders and Agents.
County Mutual Role in Iowa’s Economy
Few people realize the large number of County Mutual Insurance Associations domiciled in the state of Iowa and the strong positive social and economic impact they have made in their local communities over the last 125-150 years.
Background: County Mutual Insurance Associations are local property Insurance Companies, authorized to operate under Iowa Code 518 & 518A. County Mutual Companies are allowed to write business in their County of domicile and all contiguous Counties. Mutual policyholders own and control their local companies through elected board of directors. Annual policyholder meetings are held each year, for the purpose of electing directors, reviewing annual financial results and discussing any other business that might be brought before the meetings.
Iowa County Mutual Insurance Associations were formed in the last half of the 19th century to provide financial protection (primarily from the risk of fire) to early settlers in the agricultural Midwestern United States. Eastern companies were too far away to provide adequate service and in most cases were charging premiums that were excessive and unaffordable. County Mutual companies were more able to provide local service at affordable premiums by insuring friends and neighbors in local communities.
Since those early years, County Mutual Insurance Associations have survived through good and bad years providing stability and security to member policyholders. Unfortunately many large stock companies have been in and out of the farm business depending on profitability of the business. County Mutual’s have always been in for the long term. Millions of dollars have been paid in claims to local policyholders, helping restore their property and strengthening local economies. Policyholder surplus has been deposited in local financial institutions and made available for further investment in our local communities. Company payrolls, operating expense and agent commissions are also a boost to our local economies.
Presently, Humboldt Mutual Insurance Association employs eight staff personnel (3 full-time & 5 part-time) and is contracted with seven Independent Insurance Agencies with over 115 apointed agents to market insurance products and to service Mutual Policyholders. Humboldt Mutual Insurance Association has placed reinsurance and combination policy agreements with Grinnell Mutual Reinsurance Company. ‘A’ rated by AM Best Grinnell Mutual is the largest Farm Reinsurance Carrier in the Midwest. Our special relationship with Grinnell Mutual allows us to provide an additional level of security and protection to our policyholders for fire, windstorm, extended perils, comprehensive personal and farm liability, whether they live on the farm or in town. Humboldt Mutual has provided security to members since the later part of the 19th century, through the entire 20th century and is well on its way into the 21st century and beyond.
Officers- 1886 through January 2014
|
PRESIDENT YEARS
Andrew Gullixon 1 T.J. Smith 1 J.H. Pritchard 5 J.W. King 16 Abe Ketman 3 N.O. Nelson 5 L.C. Trauger 15 Sam Grove 12 S.F. Boyden 1 Ed Strachan 22 Henry C. Olson 6 Perry E. Morse 5 Warren Whipple 5 Richard Lanning 5 LeRoyn Stensland 5 Don Harvey 3 Ralph Jacobson 5 Lawrence E. Marty 5 G. Marvin Lindemann 5 Chris Wergeland 4 |
EXECUTIVE SECRETARY YEARS
T.A. Rossing 7 S.K. Groth 25 Oscar K. Grefstad 14 W.C. Hoag 6 S.F. Boyden 6 P.S. Lund 10 Edna Myers Holden 20 Lawrence E. Marty 15 Maurice R. Abens 25 |
COMPANY GROWTH
|
YEARS
1906 1926 1946 1966 1976 1981 1986 1991 1996 2001 2006 2011 2012 2013 |
RISKS IN FORCE
2,383,881 8,924,467 15,820,187 39,024,187 60,435,040 97,263,241 136,877,966 184,802,394 300,064,393 398,494,187 453,683,635 592,326,268 664,397,364 749,527,573 |
POLICYHOLDER SURPLUS
3,316 4,062 113,120 296,316 445,409 817,240 1,146,075 1,323,138 1,588,351 1,461,,869 2,568,076, 2,890,219 3,293,238 3,666,725 |