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The National Farmers Union Mutual Insurance Society Limited
Company typeMutual
IndustryFinancial services
Founded1910
FounderSeven farmers in the West Midlands
HeadquartersTiddington, Stratford-upon-Avon, England
Number of locations
295 [1]
Area served
UK and Channel Islands
Key people
Nick Turner: group chief executive officer.[2]
Jim McLaren: chairman.[3]
/Jim Creechan: Group Head of Legal and company secretary.[4]
Richard Morley: regulatory compliance and financial director .[5]
ProductsLife, general, pensions and investments
Number of employees
3884 (2018)
Websitewww.nfumutual.co.uk

NFU Mutual (NFUM) is a UK insurance composite, its directors and executives are directly answerable to customers/policyholders (who own the business) for conduct of business as NFUM is and mutual and so has no shareholders to hold it to account. The full name of the organisation is National Farmers' Union Mutual Insurance Society Limited.

The Financial Services Compensation Scheme covers protection for consumers should the business fail and be unable to meet its obligations. The business is authorised and regulated by the Financial Conduct Authority and the Prudential Regulation Authority, with complaints oversight available via the Financial Ombudsman Service. NFU Mutual Risk Management Services Limited are not regulated.

Currently, headquarters are in the village of Tiddington, Warwickshire.

History

Early years

NFU Mutual was formed on 30th September, 1910 by seven farmers in the Stratford-upon-Avon area as the Midlands Farmers' Mutual Insurance Society Ltd. John William Lowe, of Ettington, was the first Chairman and James Robertson Black was the first Secretary. Black's farmhouse was the Society's first office and in 1912 he became the Midland Farmers' first Managing Director. He gave 42 years of service to the Mutual, and was elected vice-Chairman in 1946, a post he held up until his death in 1952.

In 1911, the first accounts of the mutual insurance society were published showing premiums of £311 and a profit of £16. By 1919, premiums had grown to £4,345 and profit had grown to £1,825. As early as 1912, the farmers' union in Lincolnshire had approached the directors for advice about forming a mutual insurance company. They were advised to join the mutual in the Midlands that was already in existence. In 1919, the Midlands Farmers' Mutual became the official insurer of the National Farmers' Union (itself established in 1908) and changed its name at a general meeting to the one it bears today, the National Farmers' Union Mutual Insurance Society Limited.

As part of negotiations, the Mutual said premiums would be 20 per cent below those of the existing insurance market. During the 1910s, branches were opened in Nottingham and Newport while Ralph Chisholm, who was to become the first chief executive, joined the staff. In 1920, a large house in Church Street, Stratford-upon-Avon, was bought for £3,900 to house the expanding mutual offices.

In 1922, the Mutual became the insurer of the NFU of Scotland when it opened its first office Glasgow. The Ulster Farmers' Union followed suit in 1930 when an office in Belfast was opened. Sir Basil Brooke was the first director from Northern Ireland. He would later be Prime Minister of Northern Ireland between 1943-63.

Expansion

The Mutual's growing reputation was attracting interest from people who were not NFU members and so in 1925, a subsidiary company wholly owned by NFU Mutual was set up to expand into this area. It was called Farmers Commercial Insurance Company Ltd but in 1931 changed its name to Avon Insurance Company Ltd, after the river in Stratford-upon-Avon.

In 1928, NFU Mutual successfully applied to the High Court to set up a life assurance business. It proved popular, and in its first full year wrote more than £100,000 of sums assured. In 1928 the Mutual also set up its final-salary pension scheme for the benefit of its employees. By 1930, income from premiums had risen to just under £316,000 and the Mutual boasted eight branches.

In 1931, NFU Mutual celebrated its 21st birthday by giving policyholders of seven years or more a five per cent discount from their premiums.

Steady growth continued during the 1930s and by 1940, more than 100,000 farmers held policies with the Mutual. In 1941, the gross premium income reached £1million and assets reached £2million. A Southern Counties branch was opened in Basingstoke, and Avon branches were opened in the cities of Manchester, Birmingham and London.

During World War Two, a mutual employee named Arthur Scarf was awarded a posthumous Victoria Cross. Scarf came from a Lincolnshire farming family and worked for the Mutual's claims department between the wars.

In the 1960s, NFU Mutual's assets hit the £50m mark, but there was a significant outbreak of foot and mouth disease on UK farms in 1967. NFU Mutual had first offered insurance against Foot and Mouth disease in 1949 but the devastation was so severe that in November 1967 it decided to stop taking new business. Support from reinsurers enabled the society to offer renewals to businesses who already had cover.

Operations in Africa

Between 1948 and 1974, NFU Mutual had operations alongside unions in Central and East Africa, including what was then known as Rhodesia and Kenya. These former UK colonies had, at that time, many farmers of British descent and the NFU in Southern Rhodesia approached the Mutual to set up a branch in Harare. NFU Mutual's operations in Kenya ceased in 1964 and they withdrew from Rhodesia in 1974.

Reaching wider market

In the 1990s, Managing Director Andrew Young made some significant changes to the Mutual's operations. Although customers outside farming had been able to insure with the NFU Mutual Group since 1925 through Avon Insurance, they did not have the benefits of mutuality. The Mutual began to focus on the need to grow beyond farming in order to bring economies of scale. In July 1998, the Board agreed to go to a general meeting with proposals to change the Articles in order to bring in unrestricted access to all of the Mutual's products. This gave the Mutual freedom to insure anyone, irrespective of profession or occupation. It was important for core customers to be reassured that the change wouldn't adversely impact NFU Mutual's long-standing farming base. A product called 'Mutual Advantage' was set up, which was exclusive to NFU members and provided farming customers with extra discounts and cover.

This evolution from a farming insurer to a rural insurer allowed for expansion and in 2000, Group premium income (including life business and Avon premium) passed the £1billion mark. In 2000, the company also introduced Mutual Bonus, which returned £94m to policyholders.

In 2002, Andrew Young retired and was succeeded by Ian Geden, who came from a farming family near Stratford-upon-Avon and had joined the Mutual as a professional trainee in 1969. He became Group Chief Executive in 2005 when that post was created. During his term, the general insurance premium income grew from £603m to £944m. In 2007, a series of floods brought more than 13,000 claims costing close to £100m, making it the most expensive weather event to that date in the Mutual's history.

In 2008, Lindsay Sinclair was appointed NFU Mutual's eleventh Chief Executive and the first appointment from outside the business. He was Group Chief Executive for more than 12 years before retiring in March 2021, when he was succeeded by Nick Turner.

In 2011, there were reports from a former Agent that NFU Group Secretaries were dissatisfied with the company's decision to move away from farming.

In 2013 NFU Mutual cut 150 jobs. In the same year, anti-badger culling activists said they had hacked the company's records; but NFU Mutual said there was no sign customer records had been tampered with.[clarification needed] A further 85 jobs were cut in 2015, when it also closed two call centres.

Affiliates and agents

Agencies

NFU Mutual sells policies predominantly through a network of agents. Agents were traditionally Group Secretaries of the NFU. The Union, as employer, paid them a salary and the Mutual paid them commission.[6] At the end of 2018, NFU Mutual had over 3,800 employees, and 654 agents working out of 310 offices.[7]

Farming Unions

NFU Mutual has made financial contributions to UK farming unions during that time. For example, in 2021, the insurer donated >£7m to the UK's farming unions.[8]

NFU Mutual is the official insurer of the main farming unions of the UK, with these associations beginning as follows: National Farmers' Union of England and Wales (1919);[6] NFU Scotland (1922); Ulster Farmers' Union (1930); Manx NFU (1947); Scottish Crofting Federation (1986). In 1922, NFUM became the insurer to NFU of Scotland; the Ulster Farmers' Union followed in 1930.

An NFU Mutual agency in Usk. One of hundreds nationally. They are said to be independent businesses run by self employed agents, though they are tied to only NFUM products

Services

NFU Mutual offers personal insurance products such as home, private motor, pet and travel. They also offer agricultural and commercial insurance to business customers of various sizes.[9] In 1928, NFU Mutual set up a final-salary pension scheme for employees and establish a life assurance business, which wrote more than £100,000 of sums assured in year one.[6]

Diverse life insurance products including term assurance are offered to the market by NFU Mutual working with AIG.[10]

The business offers various investment and pension products and sells financial advice.[11]

Highlighting the legacy of instinctive trust and uncritical loyalty that the NFUM has, the Director General of the ABI said at a recent speech: " my nearest neighbour, Andy, is an arable farmer.... He told me: How you could always be relied upon to pay out claims.. he’d been with you for decades and would be for decades more. How his father before him had been a member too, and... he isn’t just a customer, but is a member with a direct interest in the business"[12]

Financial performance

The business currently underwrites around £1.825billion in annual general insurance premiums for UK policyholders.[13] At the end of 2021, its total funds under management were £22.2bn.

An underwriting loss of £89m was made inn 2021, the most recent year for which figures are available though the Group achieved an overall profit of £182m..[14][15]

The business reported losses of £143m for 2020 and an underwriting profit of £109m.[16] In 2019, the Group made profits of £573m and reported an underwriting profit of £167m.[17]

Losses of £290m (with an underwriting profit of £142m) occured in 2018.[18][19][20][21] That year, Nick Turner's "new business engine" also had to downgrade targets by £7million pounds; "largely due to... agency network factors... lack of sellers... reviews.... and the NFU Mutual's own rating factors... [with] the motor product range is especially poor, which [was] fully acknowledged by the NFU Mutual."[22]

In 2013, the NFU was placed at the bottom of a table of value produced by the Association of British Insurers for pensions annuities, with only Scottish Widows providing a poorer product,[23]

In 2018, customer retention on renewal had stood at of 95.5%,[24] but in 2022 it stood at to 82.6% in respect of motor customers.[25]

Governance

Membership

There are around 900,000 members of the NFU Mutual.[26] As NFU Mutual has no shareholders, it represents that a proportion of its profits, if any, are returned to policyholder members in the form of an adjustment on quoted premiums of renewing customers. A claimed discount of between 8.5% and 13.5% (2022/2023) is currently asserted by NFU Mutual (without any external adjudication), which the business brands "Mutual Bonus".[27]

Membership is conferred automatically on holding a policy, but under the Articles of Association the Designated Officer, or the board, may deny membership to any individual for "any reason", thereby expelling them from the governance of the business.[28]

NFU Mutual reported complaints in the first half of 2022. This accounted for 2.75 per 1000 insurance policies, 0.85 per 1000 life and pension policies, and 0.69 per investment policies.[29]

Annual General Meeting

Under NFU Mutual's articles of association,[30] each policy generates a distinct right to speak and vote at the Annual General Meeting (AGM), scrutinise the accounts, and hold the management to account, as well as an ownership right in the business.[31]

The AGM is generally held at the British Motor Museum at Gaydon, Warwickshire and is open to all policyholder members.[32]

Senior leadership team

The board (as of November 2022) consisted of the following people: Jim McLaren MBE (chair), Nick Turner (CEO), Richard Morley (Finance Director []) Steve Bower (Customer Services Director), Nick Watson (Sales & Agency Director) -- the non-executive directors are John Deane, Brian Duffin OBE, Ali Capper, Christine Kennedy OBE Jon Bailie, David Roper; these individuals "are responsible for the overall direction of the Company and setting the Company’s values and standards".[33] Beyond this the executive team has these additional people: Gina Fusco (Strategy & Marketing Director), Trisha Jones (HR Director), Tim Mann (IT Director), Iain Baker (Risk Director).[34] The NFUM’s current Group Head of Legal and Company Secretary is Jim Creechan.[35]

NFUM's Financial Crime manager, Amanda Mason, chairs the Association of British Insurers's influential conduct regulation committee, and the NFUM have just recruited the ABI's Head of Conduct Regulation to go and work for them.[12]

In 2022, Irish Farmers Journal reported financial director Richard Morley pocketed £738,000 a year from the business while the current chief executive, Nick Turner, currently CEO, took remuneration of over £1.04 million from the business in 2021.[36][15]

Non-executive directors typically take in excess of £70,000 a year in remuneration. Of the more senior executives and directors, the chairman, Jim McLaren, took over £200,000 in remuneration, in 2021.[15] Non-Executive Directors no longer accrue pension benefits with NFU Mutual The total cost of these pensions for14 former Directors or widows in 2021 was £211,437.91 (2020: £218,841). Steve Bower has a pension of £2,665,600 through the Group’s Retirement Benefit Scheme (2021). In addition to remuneration, directors take other disbursements and expenses from the business.

The British Motor Museum: this venue is regularly used for Annual General Meetings where all policy holders can hold the directors and executives accountable for the conduct of the NFU Mutual's business by speaking and voting

Subsidiaries and acquisitions

A subsidiary, Avon Insurance, was established in 1925 to provide insurance to non-farming customers,[37] and later specialised in personal accident insurance. Avon closed to new business in 2013.[38] The establishment of this enterprise was opposed by NFU hierarchy and the NFUM directors were required to agree that they would "consult on such matters in future".[6]

In 1929, NFUM bought another farming insurance company, Northern Farmers. In 1930, it bought a printing business, Edward Fox & Son.[6]

Between 1948 and 1974, NFUM had operations alongside unions in Central and East Africa, including what was then known as Rhodesia and Kenya. Operations in Kenya ceased in 1964 and Rhodesia in 1974.

NFU Mutual acquired the Islands Insurance Group in 1987, providing access to NFU Mutual products for customers in the Channel Islands.[39]

NFU Mutual Risk Management Services Ltd is a health and safety company set up in 1997 that work with a variety of sectors including farming and manufacturing.[40] NFU members receive a discount on some Risk Management Services through Union Advantage.[41]

NFU Mutual Direct was set up in 1996 to provide telephone and internet call centre services.[citation needed]

NFU Mutual supporting neighbourhood watch with signage

Charitable activities

NFU Mutual Charitable Trust

NFU Mutual set up a Charitable Trust in 1998 to deal with need concerned with 'agriculture, rural development and insurance.'[42]

In 2022 it pledged to donate £1m to 'national and regional charities' as part of NFU Mutual's overall donation of £3.25m to charity.[43] In 2022 it donated £30,000 to help the NFU support and expand its education projects.[44]

In the past 24 years the independent charity has distributed funds averaging around £250,000 per year.[45]

In 2022 the NFUM Charitable Trust pledged £150,000 to Disasters Emergency Committee's Ukraine Appeal.[46]

Farm Safety Foundation

In 2014, NFUM set up the Farm Safety Foundation, an independent charity to help young farmers challenge their behaviours and change their attitude to farm safety.[47]

The Foundation aims is to have zero avoidable deaths on farms and run an annual Mind Your Head campaign concerning mental health issues.[48]

Agency Giving Fund

In 2020, NFU Mutual set up a fund for its Agents to use in order to distribute money to charities in their local communities. A total of £1m was distributed in the first year.[49]

In 2021, the Agency Giving Fund distributed £2m to charities and in 2022 it will distribute £1.92m.[49]

Property dealing and development

In 2021, NFU Mutual bought a shed near Milnrow for £27 million,[50] it also committed to spending £100 million on 6 sheds near Clowes.[51]

Also in 2021, NFU Mutual's plans to develop a giant warehouse 14 metres from one residential property in Witney, with trucks coming and going at all times of night were branded "completely unacceptable" by residents and attracted over 190 objections.[52][53] Nevertheless, in April 2022 NFU Mutual's management allocated in excess of a further £20 million of members' funds to this speculative investment with its commercial partner Tungsten.[54][55]

In March 2022 plans were announced to build a speculative £34 million shed in Staffordshire.[56] Work has since began on the shed.[57]

In April 2022, a shed was traded with Valor for £50 million.[58]

In July 2022, NFU Mutual withdrew from a number of the shed schemes selling eight of them to American-based investment firm Barings LLC for £234m. Commenting on the transaction, Bearing said they had picked up the property following a "pricing shift in the sector, [in a deal that represented a] short-term relative value opportunity" for them.[59]

In October 2022, along with partners Apache, Harrison Street, NFUM obtained a loan of £70 million from Deutsche Bank to finance a £150 million build-to-rent development in Liverpool.[60]

The architect-designed NFU Mutual head office building

HQ building

The head offices are at Tiddington. The 1984 building was designed by David Lloyd Jones for RMJM.[citation needed] It was one of the first to be designed around environmental sustainability.[61]

Research and reports

Each year, NFU Mutual issues a Rural Crime report based on its claims data.[62]

In October 2022 the business released research indicating their customers had "put a hold on their [investment] plans while... assessing uncertainty overshadowing" them.[63]

Notable people

During World War II, Arthur Scarf, an employee was awarded a posthumous Victoria Cross.[6] A former First World War pilot, George Lindsay, was NFU Mutual General Manager between 1944 and 1955.[6]

Lord Curry of Kirkharle, a former chairman
Lord Curry of Kirkharle, a former chairman

A former chairman of NFUM is Lord Curry of Kirkharle.[6]

Controversies

Business interruption and Covid-19

Main article: Financial Conduct Authority v Arch Insurance (UK) Ltd
NFU Mutual's handling of Covid 19 has been subject to ongoing criticism and litigation

During the 2020 pandemic, NFUM claimed it had no liability to meet claims for COVID-19 related business interruption. This has since emerged to be untrue in some cases and still contested in others; more specifically, some policy holders who were initially wrongfully denied payments have already had to be paid,[64][65] while other policyholders are bringing proceedings against the business on the basis that the Financial Conduct Authority test case in 2020 did not conclude all of the issues.[66][67] One policyholder involved said early on: "They have quite happily taken the premiums for the last 15 years but the one time I need it I'm not going to get any help off them ... It's disgusting".[68] By April 2020, the mutual's claims not to owe these policyholders were being questioned in evidence to the House of Commons Treasury Select Committee.[69]

In 2022 (following the handing down of the UK Supreme Court decision in the FCA test), plans to bring proceedings in a group action against NFUM with Penningtons Manches Cooper LLP acting as solicitors were announced.[70][71] A lawyer involved said: "We expect this represents only a very small number of potentially hundreds of NFUM policyholders possibly affected".[72] Commenting on this situation an impacted policyholder has said: "[i]n good faith, we paid our premiums to NFU Mutual for years to protect us ... we reached for the comfort and the security of the longstanding relationship with NFU Mutual and it turned to total ash."[73]


In a Chartered Institute of Insurance podcast at the beginning of the pandemic in May 2020, a director of the NFU Mutual, Nick Turner (at the time sales and agency director, and subsequently CEO) stated that:

Trust is important everywhere in insurance ... We have a product which is a promise essentially ... So many people's lives and businesses have been affected in tragic and possibly permanent ways... If you haven't written a policy wording very precisely to protect the insurance company and bring clarity to the consumer, then that is where the problems lie... We [will] have to work to renew trust with certain customers [who feel they have been let down], it will be challenging this is going to run and run  ... if [the issues around policies we have sold have put policyholders] into incredibly difficult positions or even administration, nothing is going to put a smile on [their] face[74]

Turner accepted that putting policyholders in this situation was likely to have harmed their welfare and mental health in this same podcast,[74] a point reiterated in commentary by Jim McLaren, as chairman, in another podcast:

Interviewer: lots of people who have got diversified farm businesses are really feeling that at the moment, aren't they? Jim McLaren: They certainly are.  And these diversified income streams have become, you know, a major source of income to many farms, and increasingly so.  So when that is... stopped it can have a real impact... it's really traumatic at the moment, isn't it... And you mentioned mental health and it's a crucial area and one that's often overlooked other than by those who are suffering from real mental health challenges.  And again, the Mutual recognises that.[75]

In November 2020, following criticism in the press[76] and campaigning,[77][78] the company's conduct in deducting COVID-19 support grants from its payments triggered by COVID-19 were called into question in debate in the House of Commons with John Glen MP stating:

I am aware that NFU Mutual has continued to make such deductions. As stated in my letter, these grants are intended to provide emergency support to businesses at this time of crisis, and it is the Government's firm expectation that they are not to be deducted from business interruption insurance claims... The FCA [Financial Conduct Authority] has also made it clear that it may intervene and take further actions where firms do not appear to be meeting the FCA's expectations and treating their customers fairly[79]

This conduct was subsequently highlighted in House of Commons Library Briefing Number 8917.[80]

Climate Change

In 2020, Ethical Consumer returned a "worst" verdict on NFU Mutual in a study examining it against environmental and carbon assessment criteria, including commitments to fossil-free investing, having targets in line with international climate agreements and visible public policies that report on emissions from investments, and further criticized them for "just talking about the climate impact of their offices" rather than the far more significant impact of their investments. NFU Mutual responded saying: "We avoid areas we consider harmful such as predatory lenders, certain munitions, and climate-unfriendly companies with no plans to help decarbonisation."[81] Two years later they announced a carbon reduction strategy.[82]

Fraud

In 2011, an employee of NFU Mutual insurance, Gordon Murray, was jailed for a £400,000 fraud.[83][84] In 2018, Iain Wishlade, an NFU Mutual employee was also jailed for a £129,000 fraud.[85][86]

There have been periodic frauds on the NFUM by its policy holder members[87][88] The most serious of these saw the perpetrator jailed for 20 years following the arrangement of an explosion which injured 81 people.[89]

In 2022 NFUM won several industry fraud awards.[90]

The York offices of NFU Mutual

Noteworthy court cases

In 2010, the NFU Mutual brought an action in the High Court, making a claim against HSBC. In the case, (The National Farmers Union Mutual Insurance Society Limited v HSBC Insurance (UK) Limited [2010] EWHC 773 (Comm)) the NFU Mutual had sought to require HSBC to pay a contribution to the more than £1.8 costs of fire damage to a property that NFU Mutual was insuring for a purchaser after the exchange of contracts. The NFU Mutual lost the case.[91]

In Smith (Leah) v National Farmers Union Mutual Insurance Society Limited and Robinsons Services Limited [2019] NIQB 37, the company sought to deny liability for an accident sustained in the course of an employee's attendance at work, but the court found against the company.[92]

In 2016 NFU Mutual sought to force a policyholder to meet a £128,000 bill for damage to a cottage from a water burst, even though she was covered by an insurance policy. The NFU Mutual lost this case in court and was also ordered by Mr Justice Holgate to pay a £100,000 legal costs bill on top of the costs of the damage.[93][94][95]

References

  • Victor Head; A Triumph of Hope, The Story of the National Farmers Union Mutual Insurance Society Limited; The National Farmers Union; 1985
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