Federated Mutual Insurance Company
| Industry | Insurance |
|---|---|
| Predecessor | Minnesota Implement Mutual Fire Insurance Company |
| Founded | 1904 |
| Founder | Coalition of Minnesota retail implement dealers |
| Headquarters | Owatonna , United States |
Area served | 48 states in the United States |
| Products | Property and casualty insurance, life and disability insurance, risk management, loss prevention, workers' compensation insurance, bonding, financial services, estate planning |
Number of employees | 2600 (2019) |
| Website | federatedinsurance |
Federated Mutual Insurance Company (commonly referred to as Federated) is a United States-based insurance company that focuses on directly providing property and casualty insurance products. Its main office is located in Owatonna, Minnesota. By 2019, the firm employed nearly 2,600 individuals and maintained operations in 48 states through several service centers nationwide. Federated carries an A. M. Best credit rating of "A+ (Superior)."
History
During the 1890s, a coalition of Minnesota retail implement dealers formed a prosperous association, which led to the establishment of their own insurance provider in 1904 aimed at lowering expenses. Initially known as Minnesota Implement Mutual Fire Insurance Company, the organization underwent multiple name changes before adopting the title Federated Mutual Insurance Company.
On January 1, 1948, Federated broadened its offerings by entering the casualty insurance market, becoming one of the pioneering major insurers to provide both fire and casualty policies. The following year, in 1949, it introduced accident and health insurance for trade groups and employers. Federated Life Insurance Company was launched in January 1959.
Products and Services
The product portfolio of Federated Mutual includes:
- Commercial property and casualty coverage
- Life and disability insurance plans
- Services for risk management and loss prevention
- Workers' compensation insurance
- Bonding solutions
- Financial services and estate planning
The company ceased providing group health insurance products at the conclusion of 2017.
Industries
Federated Mutual Insurance Company caters to a variety of industries such as:
- Automobile dealers and parts distributors
- Contractors specializing in building materials, hardware, electrical, plumbing-heating-cooling, and other specialties
- Dealers of equipment including agricultural, lawn and garden, and construction machinery
- Funeral service providers
- Retailers of jewelry
- Shops focused on machining, plastics fabrication, and tooling
- Petroleum marketers along with convenience store operators
- Printing businesses
- Tire retailers
- Custom woodworking and cabinet manufacturing enterprises
Federated Challenge
Each year, Federated Mutual organizes a two-day fundraising event held in St. Paul, Minnesota, aimed at supporting Big Brothers Big Sisters organizations. Now in its eighteenth iteration, this Challenge has generated more than $47 million for mentoring initiatives.
Gala
The event commences with a gala featuring live performances alongside silent and live auctions.
Golf Event
The following day includes a four-person scramble golf tournament at Interlachen Country Club in Edina, Minnesota, complemented by various contest activities.
Canadian History
Federated Mutual has no connection with Federated Insurance Company of Canada.