| Grinnell Mutual | |
| Type: | Mutual |
| Industry: | Insurance, Reinsurance |
| Num Locations: | 17 states |
| Num Employees: | 769 (as of Dec. 31, 2023) |
| Foundation: | April 17, 1909 |
| Location: | Grinnell, Iowa, USA |
| Homepage: | grinnellmutual.com |
Grinnell Mutual is a property-casualty mutual insurance company and reinsurer based in Grinnell, Iowa, United States.
Grinnell Mutual is the 110th largest property-casualty insurance company in the U.S. Its products are available in 17 states. Grinnell Mutual is the largest direct reinsurer of farm mutual companies in North America. With its member mutuals, it has over $210 billion of total reinsured value.
The company has held an AM Best 'A' (Excellent) rating for financial strength since 1991.[1]
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.[2] In 1933, the company moved to Grinnell, Iowa, and changed its name to "Farmers Mutual Reinsurance Association".[3] The name changed again in 1948 to "Farmers Mutual Reinsurance Company". The current legal name, "Grinnell Mutual Reinsurance Company," was adopted in 1963.[4] 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,[5] [6] the first startup accelerator for insurtech.
In response to the COVID-19 pandemic, Grinnell Mutual announced the Trust in Tomorrow Premium Payback.[7] 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.[8]
In addition to its 'A' rating from AM Best, Grinnell Mutual has been recognized as an Iowa Top Workplace[9] since 2011.[10]
Gallup recognized Grinnell Mutual with its 2021 Gallup Exceptional Workplace Award. The award recognizes the most engaged workplace cultures globally.[11]
Forbes ranked Grinnell Mutual the fifth best Iowa employer in their inaugural list of America's Best-in-State Employers.[12]
Firsthand (formerly Vault) has recognized Grinnell Mutual's co-op program as a Top 50 Internship since 2018.[13] 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.[14]
Ward Group has recognized Grinnell Mutual as a Top 50 Property and Casualty Performer since 2016.[15] 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,[16] Nebraska,[17] North Dakota,[18] Ohio,[19] South Dakota,[20] and Wisconsin.[21] Valchoice used data from state insurance commissioners, the National Association of Insurance Commissioners, AM Best Company, and S&P to determine their ratings.[22]