Canadian ICMIF member The Mutual Fire Insurance Company of British Columbia and Germania Mutual Insurance have reached an agreement to merge. Members have demonstrated their support at each company’s annual general meetings and the transaction is provisional upon receiving regulatory approval. Darin Nessel, the President and CEO of Mutual Fire Insurance, will continue as President and CEO of the new mutual and Lorinda Buchberger, CEO of Germania Mutual will assume the responsibilities of Director of Business Development.
The head office for the newly formed entity will be the current Mutual Fire Insurance head office in Langley, BC, while the Germania Mutual Insurance office will transition into a regional office in Langenburg, SK. The merger will form a company with combined gross written premiums of CAD 186 million.
Darin Nessel says that both companies are excited for the proposed merger and believes the companies will be stronger together, as they share similar origins and values of mutuality and community which will provide a promising foundation for a lasting partnership.
Lorinda Buchberger said that the merger supports both organisations’ scale aspiration and brings several benefits, including geographical spread of risk and a stronger overall capital base, which will benefit members. Germania Mutual is proud to be home grown in a rural Saskatchewan town. An emphasis on supporting local people, projects and businesses are shared values that align well with Mutual Fire Insurance.
Mutual Fire Insurance and Germania Mutual Insurance will keep members, brokers, and other stakeholders fully informed on the progress of the merger and regular updates will be provided.
Founded in 1902, Mutual Fire Insurance (MFI) was the first mutual insurance company headquartered in the province of British Columbia. The foundation of the company was built on the hard work and dedication of local farmers and business owners in the Fraser Valley who wanted fire insurance at a reasonable cost. Today, MFI is a stable and profitable mutual insurance company with a unique dual policyholder structure where policyholders enjoy the option to choose to become a member. MFI takes pride in providing peace of mind solutions and support in the communities they insure.
Germania Mutual Insurance traces its origins to the early 1900s when several fires ravaged farms in Langenburg, SK. Without insurance, the community helped the families offset their losses and this tragedy became the creation of Germania Mutual Insurance. Today Germania Mutual Insurance Company offers its insurance products in several communities in Saskatchewan.
