Another record breaker at Federated
It was another record-setting year for Owatonna-based Federated Insurance.
At the company’s 121st annual meeting Tuesday in Owatonna, newly elected Chairman, President and CEO Nicholas Lower rolled out another string of impressive financial highlights for 2024. Among them are record-setting total assets of $13.5 billion, total invested assets of $11.9 billion, policyholders’ surplus of $5.7 billion, total property and casualty and life premium of $3.25 billion, property and casualty net premium of $2.792 billion and total property and casualty accounts of 47,033.
“We are in the best financial position in our history,” Lower told the policyholders. “This allows us to protect more American businesses than ever before, reinvest in meaningful products and services, enhance employee benefits and career opportunities and further support our community.”
During the meeting, Lower introduced Steven Clark of Seattle as a new board member. Clark is president and CEO of Genesee Energy. He will serve a one-year term. Current board members Michael Keller, Darlene Miller, Thomas Nobbe and Timothy Whicker were also elected for an additional three-year term.
“Federated’s future is incredibly bright,” Lower said. “We are moving forward, focused on the continued profitable growth that we know benefits our clients, association partners, employees and community.”
Lower replaced Jeffrey Fetters, who retired in December. A museum has been added to the home office and dedicated in honor of Fetters, who also received special recognition at this year’s annual meeting.