Wawanesa Insurance
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| Company type | Mutual insurance |
|---|---|
| Industry | Insurance |
| Founded | Wawanesa, Manitoba, Canada (1896) |
| Founder | Alonzo Fowler Kempton |
| Headquarters | Winnipeg, Manitoba , Canada |
Area served | Canada, California, Oregon |
Key people | Jeff Goy, President and CEO |
| Products | General insurance |
| Services | Property Insurance Life Insurance |
Number of employees | 5,000 (2018) |
| Subsidiaries | Wawanesa Life Wawanesa General (USA) |
| Website | Wawanesa.com |
The Wawanesa Mutual Insurance Company is a Canadian insurance firm. The company's executive offices are located in Winnipeg, Manitoba, with regional offices across Canada and operations in the United States. With assets of over $9.5 billion and over two million policies in force, Wawanesa is one of the ten largest property and casualty insurers in Canada.[1]
History
The company was established as a farmers' mutual insurance carrier in 1896 in Wawanesa, Manitoba, and was subsequently incorporated by an Act of Parliament on May 1, 1929. It was founded by Alonzo Fowler Kempton, who started the company using money invested by local farmers. After two weeks, Charles Kerr, Alonzo's partner, completed the company's first policy, insuring a thresher for $600 at a premium of $24 for three years.[2]
A small room was rented above a local drugstore. The staff consisted of Alonzo Kempton, the secretary-manager, and Charles Kerr, the bookkeeper. Seven of the twenty original investors were named directors. Wawanesa issued its first policies without a premium payment because farmers didn't have cash until after harvest.[2]
Several years later, the company diversified its coverage to include building coverage. In 1901, Wawanesa moved to the Souris River valley, and the number of employees increased to five. By 1910, the company had become the largest fire insurance company in the country.[3] During the Great Depression, the company expanded, fuelled by large cash reserves and new offices in Vancouver, Toronto, Montreal, Winnipeg, and Moncton - however, the company was forced to cut director's salaries by 20%, and on corporate visits, the company directors shared beds.[4]
The United States branch was established under the laws of California on May 23, 1974.[5]
In 2016, Wawanesa Insurance signed a multi year sponsorship deal with the Canadian Hockey League, Ontario Hockey League, and Quebec Major Junior Hockey League to become their Official Auto/Home Insurance Company.[6]
In 2020, Wawanesa opened a head office for the U.S. unit in San Diego, California, although they also write automobile policies in the State of Oregon.[7]
References
- ^ https://www.wawanesa.com/resources/docs/Wawanesa_2018AnnualReport.pdf
- ^ a b The Wawanesa Mutual Insurance Company, Wawanesa Insurance. "Company History - The Founders". Old Pathways New Horizons: A History of The Wawanesa Mutual Insurance company.
- ^ The Wawanesa Mutual Insurance Company, Wawanesa Insurance. "Company History - First Footsteps". Old Pathways New Horizons: A History of The Wawanesa Mutual Insurance company.
- ^ The Wawanesa Mutual Insurance Company, Wawanesa Insurance. "Company History - Charles Morley Vanstone". Old Pathways New Horizons: A History of The Wawanesa Mutual Insurance company.
- ^ The Wawanesa Mutual Insurance Company, Wawanesa Insurance. "Company History - A Venture South". Old Pathways New Horizons: A History of The Wawanesa Mutual Insurance company.
- ^ "Wawanesa Insurance teams up with Canadian Hockey League in new multi-year partnership". globenewswire.com. October 20, 2016. Retrieved December 24, 2019.
- ^ "Wawanesa Opening San Diego Headquarters in 2020". insurancejournal.com. November 4, 2019. Retrieved December 24, 2019.