Grinnell Mutual is a property-casualty mutual

insurance company Insurance is a means of protection from financial loss in which, in exchange for a fee, a party agrees to compensate another party in the event of a certain loss, damage, or injury. It is a form of risk management, primarily used to hedge ...

and

reinsurer Reinsurance is insurance that an insurance company purchases from another insurance company to insulate itself (at least in part) from the risk of a major claims event. With reinsurance, the company passes on ("cedes") some part of its own insu ...

based in

Grinnell, Iowa Grinnell is a city in Poweshiek County, Iowa, United States. The population was 9,564 at the time of the 2020 census. It is best known for being the home of Grinnell College. History Grinnell was founded by settlers from New England who were ...

United States The United States of America (U.S.A. or USA), commonly known as the United States (U.S. or US) or America, is a country primarily located in North America. It consists of 50 states, a federal district, five major unincorporated territorie ...

Business performance

Grinnell Mutual is the 107th 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 North America is a continent in the Northern Hemisphere and almost entirely within the Western Hemisphere. It is bordered to the north by the Arctic Ocean, to the east by the Atlantic Ocean, to the southeast by South America and the Car ...

. With its member mutuals, it has over $1 Billion in combined written premium and $132 Billion insurance in force. On January 27, 2021,

AM Best AM Best is an American credit rating agency headquartered in Oldwick, New Jersey, that focuses on the insurance industry. Both the U.S. Securities and Exchange Commission and the National Association of Insurance Commissioners have designated ...

issued an 'A' (Excellent) rating for financial strength and an 'a+' with a stable outlook long-term issuer credit rating for Grinnell Mutual. It has received an 'A' rating from AM Best since 1991. It has been a Property-Casualty Ward's 50 Company since 2016.

History

In 1909, the company was formed in

Greenfield, Iowa Greenfield is a city and county seat of Adair County, Iowa, United States. As of the 2020 census, the city population was 2,062. History The area around Greenfield was settled in 1854. The plan for the town of Greenfield was created in 1856 wh ...

as "Iowa Farmers Mutual Reinsurance Association" by John Evans to provide reinsurance for county mutuals in

Iowa Iowa () is a state in the Midwestern region of the United States, bordered by the Mississippi River to the east and the Missouri River and Big Sioux River to the west. It is bordered by six states: Wisconsin to the northeast, Illinois to the ...

. In 1933, the company moved to

, and changed its name to "Farmers Mutual Reinsurance Association". The name changed again in 1948 to "Farmers Mutual Reinsurance Company". The current legal name, "Grinnell Mutual Reinsurance Company," was adopted in 1963. 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, the first startup accelerator for insurtech. In response to the COVID-19 pandemic, Grinnell Mutual announced the Trust in Tomorrow Premium Payback. 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.

Awards

In addition to its 'A' rating from AM Best, Grinnell Mutual has been recognized as an Iowa Top Workplace since 2011. Gallup recognized Grinnell Mutual with it
2021 Gallup Exceptional Workplace Award
The award recognizes the most engaged workplace cultures globally.

Forbes ''Forbes'' () is an American business magazine owned by Integrated Whale Media Investments and the Forbes family. Published eight times a year, it features articles on finance, industry, investing, and marketing topics. ''Forbes'' also re ...

ranked Grinnell Mutual the fifth best Iowa employer in their inaugural list of America's Best-in-State Employers. Firsthand (formerly Vault) has recognized Grinnell Mutual's co-o
program
as a Top 50 Internship since 2018. 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. Ward Group has recognized Grinnell Mutual as a Top 50 Property and Casualty Performer since 2016. 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, Nebraska, North Dakota, Ohio, South Dakota, and Wisconsin. Valchoice used data from state insurance commissioners, the

National Association of Insurance Commissioners The National Association of Insurance Commissioners (NAIC) is the U.S. standard-setting and regulatory support organization created and governed by the chief insurance regulators from the 50 states, the District of Columbia, and five U.S. territo ...

, AM Best Company, and S&P to determine their ratings.

Related Companies

* Grinnell Compass — An

auto insurance Vehicle insurance (also known as car insurance, motor insurance, or auto insurance) is insurance for automobile, cars, trucks, motorcycles, and other road vehicles. Its primary use is to provide financial protection against physical damage or bod ...

provider * Grinnell Select — An

provider * Grinnell Specialty Agency — Other lines of insurance

References

External links

* * {{Official, http://www.grinnellmutual.com/
A.M. Best Rating Services analysis

Iowa Insurance Division Examination Report

Iowa Insurance Division Market Conduct Examination Report
Financial services companies established in 1909 Companies based in Iowa Economy of the Western United States Insurance companies of the United States Mutual insurance companies of the United States Reinsurance companies 1909 establishments in the United States American companies established in 1909