CFM Insurance, Inc., a Mutual Insurance Company, recently held a special joint meeting at the home office for policyholders of Farmers Mutual Insurance Company of Grundy County and CFM to approve the Plan of Merger presented by the Board of Directors for both companies.
A unanimous vote successfully finalized the affiliation between the two companies over the last two years. Pending formal approval by Director John Huff with the Missouri Department of Insurance, all FMIC of Grundy County policies will transfer over to CFM, effective January 1, 2017.
Both insurance companies have deep roots in the insurance industry. FMIC of Grundy County has been in operation since 1895 and CFM has insured Missouri families and businesses since 1869, with $20 million in written premium and over 21,000 policyholders. With this merger, the united companies will become one of the strongest and oldest mutual legacies in the state of Missouri, bringing numerous advantages for policyholders, including stronger policy coverages, rate stability, and reduced reinsurance costs.
A joint statement from CFM President/CEO, Jacob Black and FMIC of Grundy County Secretary/Treasurer, Gary Black, reflects a positive outlook regarding the merger:
“This business relationship over the years has led to a valuable partnership that shares very similar beliefs and a strong history of over 120 years, thanks to such loyal policyholders. Like so many things we have seen evolve in our communities, the time had come for FMIC of Grundy County to become part of something bigger. Though big changes are taking place behind the scenes for the company, policyholders won’t see much change other than a new logo on their bills and more payment and coverage options. We are excited for the future and the benefits our policyholders will experience moving forward.”