Grinnell Mutual Reinsurance Company is a mutual

Mutual insurance

A mutual insurance company is an insurance company which has no shareholders but instead is owned entirely by its policyholders. The primary form of financial business set up as a mutual company in the United States has been mutual insurance. Under this idea, what would have been profits are...

 reinsurance

Reinsurance

Reinsurance is insurance that is purchased by an insurance company from another insurance company as a means of risk management...

 company based in Grinnell, Iowa

Grinnell, Iowa

Grinnell is a city in Poweshiek County, Iowa, United States. The population was 9,218 at the 2010 census. Grinnell was named after Josiah Bushnell Grinnell and is the home of Grinnell College.- History :...

. The company operates in 12 midwestern states reinsuring 295 mutual insurance companies.

The company earned an "A" rating from AM Best for 2009.

History

In 1909, the company was formed in Greenfield, Iowa

Greenfield, Iowa

Greenfield is a city in Greenfield Township, Adair County, Iowa, United States. The population was 2,129 at the 2000 census. It is the county seat of Adair County. The current courthouse, which sits in the middle of the Greenfield Square, was built in 1891 and is listed on the National Register of...

 as "Iowa Farmers Mutual Reinsurance Association" by John Evans to provide reinsurance for county mutuals in Iowa. In 1933, the company moved to Grinnell, Iowa and changed their name to "Farmers Mutual Reinsurance Association". The name changed again in 1948 to "Farmers Mutual Reinsurance Company". The current name, "Grinnell Mutual Reinsurance Company," was adopted in 1963.

Related Companies

• Big M Agency, Inc - Other lines of insurance
• Grinnell Infosystems, Inc - Information services for farm mutuals
• Grinnell Select - An auto insurance provider