Grinnell Mutual

Grinnell Mutual is a property-casualty mutual insurance company and reinsurer based in Grinnell, Iowa, United States.

Grinnell Mutual
Mutual
IndustryInsurance, Reinsurance
FoundedApril 17, 1909
HeadquartersGrinnell, Iowa, USA
Number of locations
23 states
Key people
  • Jeff Menary, President and CEO
  • Dave Wingert, Executive Vice President and Chief Operating Officer
Number of employees
850
Websitegrinnellmutual.com

Business performance

Grinnell Mutual is the 110th largest property-casualty insurance company in the U.S. with policyholders in 12 states. Grinnell Mutual is the largest direct reinsurer of farm mutual companies in North America. With its member mutuals, it has over $1 Billion in combined written premium and $132 Billion insurance in force.

On January 31, 2020, AM Best issued an 'A' (Excellent) rating for financial strength and an 'a+' with a positive outlook long-term issuer credit rating for Grinnell Mutual.[1] It has received an 'A' rating from AM Best since 1976. It has been a Property-Casualty Ward's 50® Company since 2016.[2]

In response to the COVID-19 pandemic, Grinnell Mutual announced the Trust in Tomorrow Premium Payback[3]. 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.[4].

History

Grinnell Mutual, in business since 1909, is the 110th-largest property casualty insurance company in the United States and the largest primary reinsurer of farm mutual companies in North America.

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.[5] In 1933, the company moved to Grinnell, Iowa, and changed its name to "Farmers Mutual Reinsurance Association".[6] The name changed again in 1948 to "Farmers Mutual Reinsurance Company". The current legal name, "Grinnell Mutual Reinsurance Company," was adopted in 1963.[7] The company adopted the “Grinnell Mutual” and “Grinnell Re" brands in 2017.

In 2014, Grinnell Mutual was one of first six companies investing in the Global Insurance Accelerator,[8][9] the first startup accelerator for insurtech. In 2016, it was one of the first seven companies investing in the Iowa AgriTech Accelerator,[10][11] an agtech startup accelerator based in Des Moines, Iowa.

Awards

In addition to its 'A' rating from AM Best, Grinnell Mutual has been recognized as an Iowa Top Workplace[12] since 2011.[13]

Forbes ranked Grinnell Mutual the fifth best Iowa employer in their inaugural list of America's Best-in-State Employers.[14]

Vault has recognized Grinnell Mutual's co-op program as a Vault Top 50 Internship since 2018.[15] In 2019, Vault ranked Grinnell Mutual as the #4 best internship for employment prospects, #9 best internship for compensation and benefits, and #14 best internship for quality of life.[16]

Ward Group has recognized Grinnell Mutual as a Top 50 Property and Casualty Performer since 2016.[17] 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.

Grinnell Select Insurance Company, a subsidiary of Grinnell Mutual, was named the Number One Best Value[18] for auto insurance in North Dakota and Missouri for the year 2016.

  • Grinnell Specialty Agency - Other lines of insurance[19]
  • Grinnell Select - An auto insurance provider

References
  1. "Grinnell Mutual Reinsurance Company - Company Profile - Best's Credit Rating Center". ratings.ambest.com. Retrieved 2020-02-28.
  2. "Property-Casualty Ward's 50 Companies". Aon. 2019-07-16. Retrieved 2020-02-28.
  3. "Trust in Tomorrow Premium Payback". Grinnell Mutual. Grinnell Mutual. Retrieved 13 May 2020.
  4. "Grinnell Mutual activates coronavirus response plan". Grinnell Mutual. Grinnell Mutual. Retrieved 13 May 2020.
  5. "John Evans, President of the Iowa Association of Mutual Insurance Associations" (PDF). Iowa Insurance Hall Of Fame. Retrieved 27 May 2020.
  6. "John Evans, President of the Iowa Association of Mutual Insurance Associations" (PDF). Iowa Insurance Hall Of Fame. Retrieved 27 May 2020.
  7. "Business Entity Summary". Iowa Secretary of State. Retrieved 27 May 2020.
  8. "Global Insurance Accelerator - Des Moines, Iowa". www.globalinsuranceaccelerator.com. Retrieved 2018-04-23.
  9. "Grinnell Mutual Joins the Global Insurance Accelerator". Grinnell Mutual. Retrieved 2018-04-23.
  10. "Iowa AgriTech Accelerator - Des Moines, Iowa". www.agiowa.com. Retrieved 2018-04-23.
  11. "Grinnell Mutual, Kent Corporation, Sukup Manufacturing to invest in Accelerator, which will graduate first class at World Food Prize". Grinnell Mutual Reinsurance. Retrieved 2018-04-23.
  12. "About Grinnell Mutual Reinsurance Company". Iowa Top Workplaces. The Des Moines Register. Retrieved 23 April 2018.
  13. "Grinnell Mutual Named Top Workplace for Eighth Consecutive Year". Grinnell Mutual. Archived from the original on 23 April 2018.
  14. Valet, Vicky (June 5, 2019). "America's Best Employers By State". Forbes. Retrieved June 6, 2019.
  15. "The 100 Best Internships". Vault. 17 Oct 2019. Retrieved 17 October 2019.
  16. "2020 Vault Rankings". Vault.com. 17 October 2019.
  17. "2019 Property-Casualty Ward's 50® Companies". 16 July 2019.
  18. "Grinnell Select Insurance Wins ValChoice Award for #1 Best Value for Car Insurance". 2017-08-02. Retrieved 2019-02-26.
  19. "Grinnell Specialty Agency". Grinnell Specialty Agency. Grinnell Mutual Reinsurance Company. Retrieved 14 March 2017.
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