125th NAMIC Annual Convention Goes Virtual

In 1895, FMH founder W.A. Rutledge brought together his colleagues in the mutual insurance industry and formed the National Association of Mutual Insurance Companies (NAMIC). This organization continues to grow and serve as a valuable resource for mutual companies 125 years later. While members were looking forward to celebrating NAMIC’s 125th Annual Convention in person this year, like many other events, the celebration and gathering shifted to a virtual platform.

In mid-September, members from mutual insurance companies across the country, including FMH, tuned into the annual convention for the same learning opportunities, speakers, and industry discussions the event is known for.

NAMIC is typically an opportunity for us to visit with a number of clients and attend great educational sessions at the same time. We definitely missed the in-person one-on-one interactions, but NAMIC did a nice job facilitating the event virtually - Angie Brooker - FMH Assistant Vice President - Reinsurance

The keynote speaker, State Farm CEO Michael Tipsord, discussed the evolution of the industry and the success of State Farm, the largest member company of NAMIC. A political update was presented by lawmakers Sen. Joe Manchin, D-W. Va., and House Minority Leader Kevin McCarthy, R-Calif.

A variety of educational sessions were available for attending mutuals and professionals. “Topics ranged from financial training to catastrophe modeling to a session called Election Outlook 2020. NAMIC always offers excellent education, and this year was no different,” added Brooker.

Leaders from NAMIC and the research company Aon presented the much-anticipated Mutual Factor Report, an in-depth look into mutual property/casualty insurance companies’ performance to the rest of the industry in recent years. This year’s report also focused on the impact of the pandemic on the industry, which notes that on average, mutuals performed more positively this year than non-mutual counterparts in the industry.

FMH President and CEO Ron Rutledge also joined the NAMIC Board of Directors at this year’s convention. He will serve a three-year term. 

To celebrate the 125th anniversary, NAMIC challenged members to contribute to its scholarship fund to provide a total of $125,000 in scholarships this year for students pursuing careers in insurance. In total, the organization raised $135,000 to support 33 scholarships. FMH contributed $12,500 to the NAMIC scholarship fund. 

Networking is a key component of the event and is one of the main reasons leaders from FMH enjoy attending every year. “NAMIC is a chance to connect with many clients and business partners in one location,” noted Brooker. She added that they were still able to virtually connect with other attendees but look forward to meeting in person again next year.