Type Private company Products Mutual CEO Jeff Goy (2014–) Founded 1896 | Industry Insurance Headquarters Winnipeg, Canada Founder Alonzo Fowler Kempton | |
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Area served Canada, California, Oregon Key people Jeff Goy, President and CEO Services Property Insurance
Auto Insurance
Life Insurance Subsidiaries Wawanesa Mutual Insurance Co. (U.S. branch) Profiles | ||
The Wawanesa Mutual Insurance Co. is a Canadian insurance firm. Currently, the company's executive offices are located in Winnipeg, Manitoba, with regional offices across Canada and operations in the United States.
History
The company was established as a farmers' mutual insurance carrier in 1896 in Wawanesa, Manitoba, and was subsequently incorporated by an Act of Parliament on May 1, 1929. It was founded by Alonzo Fowler Kempton, who started the company using money invested by local farmers. After two weeks, Charles Kerr, Alonzo's partner, completed the company's first policy, insuring a thresher for $600 at a premium of $24 for three years.
A small room was rented above a local drugstore. The staff consisted of Alonzo Kempton, the secretary-manager, and Charles Kerr, the bookkeeper. Seven of the twenty original investors were named directors. Wawanesa issued its first policies without a premium payment because farmers didn't have cash until after harvest.
Several years later, the company diversified its coverage to include building coverage. In 1901, Wawanesa moved to the Souris River valley, and the number of employees increased to five. By 1910, the company had become the largest fire insurance company in the country. During the Great Depression, the company expanded, fuelled by large cash reserves and new offices in Vancouver, Toronto, Montreal, Winnipeg, and Moncton - however, the company was forced to cut director's salaries by 20%, and on corporate visits, the company directors shared beds.
The United States branch was established under the laws of California on May 23, 1974. Initial funds were realized from a contribution of the Canadian parent corporation. The first policy was written in the United States in April 1975. Head office for the U.S. unit is in San Diego, California, although they also write automobile polices in the State of Oregon.