Financial Stability Rating of A
Who We Are
Northwest Farmers Mutual Insurance Company is a statewide limited assessable mutual insurance company providing property and liability coverage through standard fire, homeowners, farmowners, and mobile homeowners policies. Serving the northwest area of the North Carolina Piedmont since 1895, Northwest Farmers Mutual Insurance Company strives to provide stability and peace of mind to our policyholders through dependable coverage and excellence in our customer service. As a mutual company, we are owned by our policyholders, freeing us from the obligation of providing profitable returns to external shareholders. With this relationship, we can make every effort to provide affordable coverage to our policyholders while still maintaining a strong financial position for the benefit of our policyholders and our future.
Northwest Farmers Mutual Insurance Company had its beginnings in The Farmers Mutual Fire Insurance Association of North Carolina, being established in 1895 to cover the Forsyth and Stokes County areas. Within this association, the Company provided insurance protection against the perils of fire, lightning, and other perils including water and weight of ice, sleet, and snow on dwellings and farm buildings.
As the Association grew and insurance needs changed, the “branches” of the Association began writing homeowner, farm owner, mobile homeowner, and church protector policies through a partnership with another insurance company, calling these policies collectively “dual-masthead” policies as they included two companies on the heading of each policy. This relationship allowed for improved coverages by adding theft and personal liability to the coverages afforded in these policies.
In March 1992, the North Carolina Department of Insurance, in an effort to include this group of insurance companies with other companies in its regulation of the industry in this state, asked each of the branches to incorporate themselves as a standalone company. With this change in 1994, the Forsyth-Stokes Branch became Northwest Farmers Mutual Insurance Company and were allowed to provide insurance coverage in the same manner in the six contiguous counties of Forsyth, Stokes, Surry, Yadkin, Davidson, and Rockingham.
Since that time, Northwest Farmers has maintained a strong relationship with its policyholders in these counties, providing affordable coverage and stable coverages. Since 2011, the Company has increased its direct premium base by approximately 165% to $1.1 million and its policyholders’ surplus by approximately 18% to $4.4 million. This has only been possible through an independent, reliable agency force and a policyholder base for which we are extremely grateful.
Due to our growth and strong financial position, effective January 1, 2017, Northwest Farmers became a statewide limited assessable mutual insurance company with the approval of the North Carolina Department of Insurance in September, 2016. This allows us to better serve our policyholders, providing total property and liability coverage without a dual-masthead relationship, and strengthening our surplus with our policyholders as owners.
While the winds of change continue to blow, and we continue to grow in new directions, we are committed to serving our policyholders in the best way we know how and those qualities upon which we were founded — with affordable coverage, security and peace of mind for our policyholders, and excellent customer service — quality and excellence!