The 75th Annual Meeting of the Clare Mutual Insurance Company
This is our 75th annual meeting, which is a significant milestone in the Clare Mutual Insurance Company’s history. As with any healthy enduring company there has been a positive natural progression from April, 1936 the day we opened our doors for business to the present. The maximum coverage in 1936 was only $1,000 on any one risk and that was for fire only. In 1969 the Company was writing policies up to $80,000 covering fire and lightening only. Clare Mutual is now capable of offering coverage up to $2,000,000 on farm and residential risks, up to $800,000 on commercial risks. To be competitive with other insurance companies we had to add supplemental coverage and in 1988 we added to our policies liability insurance up to a limit of $100,000. Now we can write up to $2,00,000 for liability.
All these coverages are possible because we are able to buy reinsurance through FMRP (Farm Mutual Reinsurance Plan). In 1997, the Clare Mutual was accepted as a Class A voting Member of FMRP. On March 29 1994, the name Clare Mutual Fire Insurance Company was changed to Clare Mutual Insurance Company. Fire was deleted from the company’s name as it no longer sold only fire protection. In 1936 approximately 100 policyholders signed a Premium Note for $20 and paid $12.50 in cash for a $1,000 policy for three years. Today Clare Mutual has approximately $4,500 policies and writes over $2,500,000 in premiums annually. Even in 1936 when things were difficult we have always understood our commitment to providing our policyholders with the best possible service and prompt claims settlement.
We have had many business partners during our history, FMRP being one of them and also Grant Thornton has been auditing the company’s books since 1978. A significant and proud event happened on June 30, 1999 when our present head office location was purchased after 62 years of renting various other locations to conduct business. Clare Mutual is the success it is today because of the involvement of its past and present people, from the directors and employees to its policyholders, people who believe in the mutual insurance concepts 1936 just as we do now. The following is an example of a mutual concept. In 2011 we made a profit which will not be divided amongst shareholders on the stock market but will be used to pay claims which occur in 2012. Clare Mutual is owned by its members, the policyholders, and works for the good of its people in the communities it serves and even beyond. For example, The Clare team has raised a total of $18,970 for cancer research in their 7 years of participation in the Relay of Lief. This is another example of a mutual concept.
We have not survived 75 years without meeting challenges along the way, just like Joseph Doucet and Adolphe Theriault did in 1936, the challenges have led to opportunities and thank you to Management, Agents, Staff and Board of Directors for your commitment to seeing that the company continues being the success it is after 75 years and for your diligence towards attaining any short and long term goals that the Company envisions for our future. Because of all your input, Clare Mutual is a well managed Company.
Henry Thibodeau
Chairman of the Board of Directors
March 13th, 2012
