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Federated Mutual Insurance Company ("Federated") is a direct writer of
During the 1890s, the retail implement dealers in Minnesota formed an association, which proved to be very successful. In 1904, these dealers decided to try to reduce their insurance costs by organizing their own insurance company.
Initially, the company was known as the Minnesota Implement Mutual Fire Insurance Company, and retained this name for many years. They would later become the Mutual Implement and Hardware Insurance Company, then Federated Mutual Implement and Hardware Insurance Company and, finally, Federated Mutual Insurance Company ("Federated Mutual").
On January 1, 1948, Federated Mutual entered the casualty insurance field, and was one of the first major insurance companies to write both fire and casualty insurance. In November 1949, accident and health coverage was added, with group accident and health insurance being written for various trade associations and employer groups. Federated Life Insurance Company (or "Federated Life") was organized in January 1959.
Federated Insurance Company
{{Authority control Companies based in Owatonna, Minnesota Financial services companies established in 1904 Insurance companies of the United States Mutual insurance companies of the United States Privately held companies based in Minnesota 1904 establishments in Minnesota American companies established in 1904
property
Property is a system of rights that gives people legal control of valuable things, and also refers to the valuable things themselves. Depending on the nature of the property, an owner of property may have the right to consume, alter, share, r ...
and casualty insurance products headquartered in Owatonna, Minnesota
Owatonna () is a city in Steele County, Minnesota, Steele County, Minnesota, United States. The population was 25,599 at the 2010 United States Census, 2010 census. It is the county seat of Steele County. Owatonna is home to the Steele County Fair ...
. The Company has approximately 2,600 employees and operates in 48 states, with several service offices located throughout the country. Federated has an A.M. Best rating of "A+ (Superior)."
History
During the 1890s, the retail implement dealers in Minnesota formed an association, which proved to be very successful. In 1904, these dealers decided to try to reduce their insurance costs by organizing their own insurance company.
Initially, the company was known as the Minnesota Implement Mutual Fire Insurance Company, and retained this name for many years. They would later become the Mutual Implement and Hardware Insurance Company, then Federated Mutual Implement and Hardware Insurance Company and, finally, Federated Mutual Insurance Company ("Federated Mutual").
On January 1, 1948, Federated Mutual entered the casualty insurance field, and was one of the first major insurance companies to write both fire and casualty insurance. In November 1949, accident and health coverage was added, with group accident and health insurance being written for various trade associations and employer groups. Federated Life Insurance Company (or "Federated Life") was organized in January 1959.
Products and Services
List of products and services offered by Federated Mutual Insurance Company: * Commercial property and casualty insurance *Life
Life is a quality that distinguishes matter that has biological processes, such as signaling and self-sustaining processes, from that which does not, and is defined by the capacity for growth, reaction to stimuli, metabolism, energy ...
and disability
Disability is the experience of any condition that makes it more difficult for a person to do certain activities or have equitable access within a given society. Disabilities may be cognitive, developmental, intellectual, mental, physical, ...
insurance
* Risk management and loss prevention resources
*Workers compensation
Workers' compensation or workers' comp is a form of insurance providing wage replacement and medical benefits to employees injured in the course of employment in exchange for mandatory relinquishment of the employee's right to sue his or her emp ...
insurance
*Bonding
*Estate planning
Estate planning is the process of anticipating and arranging, during a person's life, for the management and disposal of that person's estate during the person's life, in the event the person becomes incapacitated and after death. The planning inc ...
and financial services
Federated Mutual once offered group health insurance
Health insurance or medical insurance (also known as medical aid in South Africa) is a type of insurance that covers the whole or a part of the risk of a person incurring medical expenses. As with other types of insurance, risk is shared among m ...
, but ceased this offering at the end of 2017.
Industries
List of industries Federated Mutual Insurance Company insures: * Auto dealers and auto parts wholesalers * Contractors (building materials, hardware, electrical, plumbing-heating-cooling, specialized) * Equipment dealers (agricultural, lawn and garden, construction) * Funeral services * Jewelry retailers * Machining, plastics, and tooling shops * Petroleum marketers and convenience stores * Printers * Tire dealers * Custom cabinet and woodworkersPhilanthropy
Federated Challenge
Federated Mutual Insurance Company hosts an annual two-day fundraising event inSt. Paul, Minnesota
Saint Paul (abbreviated St. Paul) is the capital of the U.S. state of Minnesota and the county seat of Ramsey County. Situated on high bluffs overlooking a bend in the Mississippi River, Saint Paul is a regional business hub and the center o ...
, for Big Brothers Big Sisters organizations. The event, in its 18th year, has raised over $47 million to support mentoring programs.
Gala
The gala, held on the first night of the Challenge, features live entertainment, a silent auction and a live auction.Golf Event
The golf event, held on the second day of the Challenge atInterlachen Country Club
The Interlachen Country Club is a private country club in Edina, Minnesota which has hosted several national golf tournaments, including the 1930 U.S. Open (golf), 1930 U.S. Open (won by Bobby Jones (golfer), Bobby Jones on his way to winning the ...
in Edina, Minnesota
Edina ( ) is a city in Hennepin County, Minnesota, United States and a first-ring suburb of Minneapolis. The population was 53,494 at the 2020 census, making it the 18th most populous city in Minnesota.
Edina began as a small farming and mi ...
, features a four-person scramble and various smaller contests.
Canadian History
Federated Mutual is not associated with Federated Insurance Company of CanadaReferences
External links
Federated Insurance Company
{{Authority control Companies based in Owatonna, Minnesota Financial services companies established in 1904 Insurance companies of the United States Mutual insurance companies of the United States Privately held companies based in Minnesota 1904 establishments in Minnesota American companies established in 1904