Illinois mutual companies have served their policyholders for more than a hundred years.

Farmers had problems getting insurance protection for buildings, homes, livestock and machinery. Mutual developed throughout the state to fill this void. These mutuals are different from stock insurance companies as they are owned and controlled by the board of directors elected by the policyholders who own the mutual.

The first peril covered was fire, and then extension of coverage were added, including lightning, livestock drowning, vandalism and theft.

As time went on, the mutuals wrote wind and hail coverage combined with liability covered by a reinsurer.

Peru Waltham partners with Grinnell Re to provide this coverage and reinsure and help share in more significant losses to give stability to the mutual.

As Peru Waltham expanded coverage insurance now is offered to homeowners and farm owners both in rural and in towns of the surrounding area. This scenario is essential to Peru Waltham Mutual Insurance Company’s operation, governed by its policyholders through the elected board.

Many policyholders and families have been associated with Peru Waltham Mutual for a good portion of its 145 years. Loyalty to the mutual has been outstanding, the company reported. Word of mouth has been contributing its mutual success and customer service is its priority.

“We consistently provide insurance coverage helping to put lives back together during hardships caused by unforeseen disasters,” the company said in a news release.

At a recent meeting, Jackie Rakers, executive director of the Illinois Association of Mutual Insurance Companies, presented Peru Waltham Mutual a certificate of achievement for 145 years of service to its policyholders.

The management and staff celebrated its 145th anniversary by thanking those who have been loyal to Peru Waltham Mutual.

The Illinois Association of Mutual Insurance Companies is a trade association comprised of farm mutual insurance companies. Mutual insurance has been a part of the Illinois farming industry landscape for well more than a century. The IAMIC provides member companies with the educational opportunities, professional development, legislative support and industry recognition it needs to move forward.