Great Lakes Mutual Mutual Since 1898 | |
It is widely accepted that Benjamin Franklin helped form the first mutual insurance company in 1752. The company – the Philadelphia Contributionship for the Insurance of Houses from Loss by Fire – was developed to help make contributions toward fire prevention. The Philadelphia Contributionship is still in business today and is the nation’s oldest insurance carrier in operation. Franklin’s influence on the establishment of fire insurance cannot be overlooked. His efforts to establish the practice of mutual insurance started the growth of other insurers across the land.
The late 1860’s post-Civil War era marked a period of exponential growth for Michigan’s “Copper Country.” The copper boom in the Keweenaw Peninsula led many skilled workers and families to settle in Upper Michigan. As towns and communities developed, so did the need for a wide range of businesses. Spurred by demand for fire protection, Great Lakes Mutual Insurance Company opened its doors in 1898 as a “fire mutual” in Calumet. Just like Benjamin Franklin nearly 150 years prior, the sole purpose of Great Lakes Mutual was to help protect its Policyholders and provide property coverage against fire.
Great Lakes Mutual Insurance Today
Over 400 agents throughout the State of Michigan represent Great Lakes Mutual Insurance today. Exclusively providing property insurance, Great Lakes Mutual is proud to offer its Policyholders coverage for Homeowners,Dwelling Properties,Condominium andRenters Contents. In addition, GLMI offers insureds liability coverage and a variety of optional insurance endorsem*nts.
Great Lakes Mutual Insurance Company has earned and been assigned a Demotech, Inc. Financial Stability Rating® of A-Prime (Unsurpassed). This rating reflects a solid financial position within our industry and demonstrates a commitment to our Policyholders – and agents – for a long and prosperous future.Click here to learn more about our rating.
Great Lakes Mutual Insurance is a Michigan Chamber of Commerce Member, a member of theNational Association of Mutual Insurance Companies (NAMIC) and a member of theAmerican Association of Insurance Services (AAIS).
Great Lakes Mutual Insurance Company’s corporate office is located at 58730 U.S. Highway 41, Calumet, MI 49913. More information can be found online at www.glmutual.com..
FAQs
Financial Stability Rating® of A-Prime (Unsurpassed).
Who owns Great Lakes insurance? ›
Who owns Old Mutual insurance? ›
Our shareholders are Old Mutual Investments (wholly owned by Old Mutual Ltd), senior management and investment staff (further facilitating long-term alignment with client outcomes) and the Imfundo Trust.
What happened to mutual Benefit Life Insurance Company? ›
At the time, the collapse was the largest ever of an American insurer. AMEV acquired the group life, accident and health insurance Mutual Benefit in 1991. SunAmerica acquired the remaining divisions in 1998. Effective June 14, 2001, Mutual Benefit was liquidated and dissolved.
What insurance company has the best financial rating? ›
MassMutual Life Insurance
MassMutual has been in business for over 170 years, and carries the highest ratings for financial security from AM Best.
What is the rating of Great Lakes Insurance SE S&P? ›
It enjoys the same strong rating and financial strength of the Munich Re Group: A+ (Superior) as rated by A.M. Best and AA- (Very strong) by S&P.
What company bought Great Lakes? ›
In February 2018, Great Lakes was acquired by Nelnet Diversified Solutions, LLC, the parent company of Nelnet Federal Student Loan Services. In the summer of 2023, Great Lakes' student loan servicing portfolio was transferred to Nelnet Federal Student Loan Services.
Who is Great Lakes Insurance SE underwritten by? ›
The company is a fully owned subsidiary of Munich Re and enjoys the same strong rating and financial strength as the parent company.
What is Great Lakes insurance? ›
Great Lakes Insurance offers distinctive programs to deal with unique risks. We are a leading Independent Insurance Agency in Pennsylvania, New York, and Ohio and offer comprehensive policies for numerous specialty risks. Those Specialized Programs Include: Habitational. Cyber Liability.
Who is the largest mutual insurance company? ›
Northwestern Mutual, New York Life, and MassMutual are the largest life insurance companies in the US. State Farm, Nationwide, and MassMutual rank the highest in life insurance customer satisfaction.
In June 2018 the company executed the 'managed separation' strategy. Old Mutual plc shares were de-listed and Old Mutual Limited and Quilter plc, now independent businesses, listed on the Johannesburg, Zimbabwe, Malawi, Namibian and London Stock Exchanges.
What is the oldest insurance company still in business? ›
1752 The Philadelphia Contributionship for the Insurance of Houses from Loss by Fire, the oldest insurance carrier in continuous operation in the United States, was established. 1759 Presbyterian Ministers Fund, the first life insurance company in the United States, was founded.
Can life insurance go unclaimed? ›
Unclaimed life insurance policies occur when the policy doesn't get claimed after the death of the insured. There are many reasons this happens, and most stem from poor communication between the insured person and family members.
What happens to a life insurance policy if the company closes? ›
If an insurance fund fails, state regulators will first try to transfer the policy to a stable insurance fund. If that's not possible, they instead will keep the policy active through the state's central guaranty fund. Reinsurance can reduce the risk of losing money when a life insurance company goes bankrupt.
What is the mutual benefit scandal? ›
It operated as a ponzi scheme, using new investors money to pay premiums on older life insurance policies, pay a return to earlier investors, and provide lavish salaries and benefits for the company's owners. Mutual Benefits Corp. was shut down by the SEC in 2004.
Is Erie insurance financially stable? ›
ERIE's property/casualty companies are rated A+ (Superior) by A.M. Best, a global credit rating agency with a unique focus on the insurance industry. Best's Financial Strength Rating is an independent opinion of an insurer's financial strength and ability to meet its ongoing insurance policy and contract obligations.
What rating is Gard financial? ›
We are happy to see that Gard has retained its Standard & Poor's A+ rating under the rating agency's new assessment criteria.
What is a good insurance rating? ›
Scores above 700 are considered good, and anything above 800 is considered exceptional (and of little risk for the company).
