The History of MFS Mutual Insurance Company
In early Burlington, some prominent businessmen would meet regularly to discuss general topics about community development. They all happened to be members of the German Evangelical Reformed Church and there were 5 such churches in Burlington. At one meeting in 1889, the suggestion of developing a church related insurance company was mentioned. So began the birth of Mutual Fire & Storm Insurance Association.
Church members and pastors were eligible to purchase insurance from the company. In 1921 the company was incorporated as Mutual Fire & Storm Insurance Company. Early company investments were primarily in loans for seminaries and newly formed churches to build new facilities. The business thrived on "word of mouth" advertising. The board of directors consisted of the gentlemen responsible for the creation of the company.
Their wise leadership and investments permitted the company to grow, even through the Great Depression. Due to changes in business regulations, the company legally split from the church denomination, but in spirit and reality, it was still one. Growth continued for many years and in 1983 the company achieved a long sought goal of reaching $1,000,000 in policyholder's surplus. Since that time, the company surplus has grown to be nearly $5,000,000.
On January 1, 2004 Mutual Fire & Storm assumed the business and assets of Wayne County Mutual Insurance Association. Wayne County Mutual was established in Corydon, Iowa in 1916 under the Iowa statutes for county mutual companies. That company was established under different statutes than Mutual Fire & Storm and an acquisition of this type blazed new trails in the insurance industry. Wayne County Mutual had thrived primarily insuring farm properties.
A new corporate name, MFS Mutual Insurance Company was adopted in 2006. The basic premise of the company remains unchanged, to provide protection and service to its policyholders in time of need.