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Forward Mutual Insurance Company

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November 8, 2017

By the Minutes: Standardization of Wisconsin Mutuals

Insurance Law books and gavel

By HOWARD WIEDENHOEFT

By 1925, Wisconsin had been a state for 77 years and becoming increasingly modern. The Great Depression was just around the corner. Watertown Mutual Fire Insurance Company and Ixonia Mutual Fire Insurance Company had both been doing business for over 50 years.

It was at this time that Wisconsin Insurance Commissioner W. Stanley Smith stated in his annual report there were 201 town mutual fire insurance companies in the state (interestingly, there are now only 55). The commissioner also reported that the insurance department was working to standardize Wisconsin companies in their registration and adoption of standard policy forms, bylaws and accounting practices. By 1929, Commissioner Milton A. Freedy restated the great need for such standardization.

During these years both Ixonia Mutual and Watertown Mutual conscientiously complied with the developing standardization. Several times they changed their bylaws and articles of incorporation. They removed the word “fire” from their names. One could surmise both companies wisely realized they couldn’t continue by writing only fire insurance. They were forward-thinking, yet practical. According to the minutes, in 1932 Watertown Mutual ordered the latest standardized forms but didn’t use them until it finished using the old forms.

Standardization adopted

It wasn’t until 1937 that Wisconsin legislature adopted Statute 202, which required mutual insurance companies to use standard policies and file forms. One exception to this was in accounting. According to law, town mutuals only needed to keep their books in such a manner for the commissioner to easily ascertain the financial condition of the company.

Wisconsin Statute 202 gave an obvious benefit to town mutuals as well. Previously companies could only write policies within towns (townships) that adjoined their own. Under this new statute, mutuals could now increase their writing territories to four counties.

A heritage of compliance

In 1938, once again both Ixonia Mutual and Watertown Mutual changed their articles and bylaws to be in compliance with Statute 202. This readiness to follow the law to the letter is Forward Mutual’s heritage and we’re proud to say we still today strive to do the same.


Read more!

By the Minutes: Introduction

1872 Watertown Mutual Founded

1875 Ixonia Mutual Founded

Comparing the Capitalizing of Two Early Mutuals

A Mutual’s First Claim

Supporting Dairy in the Late 1800s

1879 Early Challenges for a Young Mutual

Ixonia Mutual’s First $1000 Loss

1885 A Year of Neighbor Helping Neighbor

Changes of Bylaws

Our Dairy Heritage

Insuring Automobiles

Taxes, War and the English Language

Supporting the Community’s Fire Protection

Board Directors and Their Meetings

Standardization of Wisconsin Mutuals

Of Electricity, Radio and Foxes

Our Annual Meetings Over the Years

Tumultuous 1930-1940s

How a Major Disaster Affected Extended Coverage and Reinsurance

Surviving the Big Dogs in the 1960s

Introducing Agents to the Mutuals

Accounting Over the Years

Centennial Anniversaries

Mutual Offices

Mutual Managers and Staff

Establishing Confidence in Financial Strength

Entering the Era of Computers

The 1990s, Advancement and Angst

The Start of the 21st Century

Concord and Watertown Merge

Ixonia Mutual and Watertown Mutual Merge and a New Company is Formed

Setting the Stage, Moving Forward with a New 2020 Vision

The New Forward Mutual

Post Script

Tagged With: history, insurance industry, Ixonia Mutual, Watertown Mutual

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Forward Mutual Insurance Company serves home and farm owners throughout southeastern Wisconsin. We offer personal attention and peace of mind.

To learn more about our company and the products we offer, check our website or call 920-261-6616.

W1202 Glenview Ave.
PO Box 326
Ixonia, WI 53036

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