About Kane County Mutual Insurance
Company History From 1925 To The Present
Kane County Farmers Mutual Fire Insurance Company received their Charter on March 17, 1925, and commenced business on June 1, 1925. The word “Farmers” was dropped from the name in 1946 as the company began insuring property in towns and villages in addition to farm property. The word “Fire” was dropped from the name in 1987 as the state statutes changed and the company was able to write wind coverage in addition to fire and extended perils.
The company has always been located in Geneva. The first office was in the Farm Bureau Building at 324 East State Street. In the early years the company shared office space with the Farm Bureau. The office was moved to 19 South Fourth Street in 1956. The company operated out of two tiny rooms at this location until June of 1979 when the office moved to 910 Stevens Street. We outgrew this space and moved to our current location at 417 Williamsburg Drive in October of 2014.
A Board of Directors consisting of nine policyholders governs the company. The annual meeting of policyholders is held on the 4th Tuesday in January at the home office in Geneva. The policyholders who are present at the annual meeting elect the directors. One third of the directors are elected each year to serve three-year terms.
The board elects the officers of the company each year in January. In addition, the board hires a manager to handle the affairs of the company according to the procedures set by the directors. That person holds the office of Secretary of the company but is not a voting member of the board of directors. The current Secretary/Treasurer, Kathleen Rice, was hired in 2008, was named Assistant Manager in 2013, and assumed her present duties on January 1, 2015.
When the company was chartered in 1925, there were thirty-six policyholders and the total value of the property insured by the company was $194,200. Currently, the company has over 2,600 policyholders and insurance in force at the end of 2016 was nearly $1,120,000,000. Twenty-three counties make up the Kane County Mutual writing territory.
During the period from 1925 until 1968 the directors served as the agents for the company. When the state began requiring agents to be licensed, two of the directors obtained their agent’s license and purchased all the business from the other directors. Clifford Russell and Peter Peterson became agents in 1968 and were joined by David Werdin in 1971. They were the only agents for the company until 1977 when the company began signing contracts with independent insurance agencies.
The company formed Kane Mutual Insurance Service, an independent insurance agency, in 1971 to meet the expanding needs of the policyholders for types of insurance coverage that could not be provided by Kane County Mutual. The company and the agency shared the same office until 1991 when the company expanded into the office next door at 910
Stevens Street. Until moving to our present location in 2014, the company operated out of adjoining offices and shared some pieces of office equipment. In 1996, Kane Mutual Insurance Service began operating totally independent of the company.
Presently we have seventeen (16) independent insurance agencies representing Kane County Mutual. They are Kane Mutual Insurance Service of Geneva, First Insurance Group of Plano (formerly Castle Insurance Services), BMC Insurance Agency of Hinckley, Resource Insurance Agency of DeKalb, HBT Insurance (formerly American Midwest Insurance of Sycamore, Fox Valley Insurance Center of Sugar Grove, Woellert Insurance of Spring Grove, Calfa for Insurance of Algonquin, Hometowne Insurance of Oswego, Complete Insurance Service of Joliet, Allison-Lauritzen Insurance of Gardner, Turk Financial Services of Elgin, All Insurance Services of McHenry, Insurance Counts of Montgomery, Millenium Insurance Agency of Libertyville and August Vincent Inc. in
The company became affiliated with Rockford District Mutual Tornado Insurance Company in 1925 to provide policies to cover wind damage and with Northern Illinois Farmers Mutual Insurance Company in 1969 to provide liability coverage. Rockford merged with Northern Illinois Farmers and became a multi-line insurance company known as Rockford Mutual Insurance Company. Kane County Mutual and Rockford Mutual wrote combined policies from 1955 until 2017. In 2017, Grinnell Mutual became the company’s reinsurer and liability insurance provider.
The board of directors has operated the company in a conservative manner over the years, which enabled the company to be financially strong even though it remained small. The past several years has brought many changes as family farms began disappearing from the landscape of Kane County. The board of directors and management has been progressive and changed to meet the needs of the community in which it operates.
The foundation of mutual insurance has always been the Golden Rule, and the company will remain faithful to that concept as it moves forward through the 21st century.