History of Briar Creek Mutual Insurance Company
In 1874 farmers and Grangers living near the headwaters of Briar Creek petitioned to form a mutual fire insurance company due to the excessive premiums and limited availability of coverage. Early policies provided protection only against fire and were written on an assessable basis. In the early years policyholders had to be affiliated with a Grange and only rural property was covered. By 1919 the company began accepting town and village property as eligible risks.
The company weathered many financial hardships in its early years. Recessions, inflationary periods and the Great Depression all led to challenges of the company's financial stability. In 1946 the management began the laying aside of modest surplus funds each year. In the intervening years these surplus funds have grown to over $6 million to provide protection to the policyholder owners of the company.
In 1953 property was bought in Orangeville. The headquarters are still located at this site. In 1955 the company amended and restated the charter to permit the writing of additional coverages and policies. Homeowners policies were first written in 1958. Subsequently the company has added farmowners, mobilehomeowners, and businessowners policies.
In 1975 the company celebrated it centennial. Now over 130 years since its founding the company remains true to the vision of its founders to provide sound insurance protection at the lowest possible cost. Past experience perceptively applied is wisdom.
2006 Operating Results
Gross Written Premiums |
$4,369,160 |
|
Net Premiums Earned 2006 |
$2,084,169 |
|
Underwriting Income |
$754,818 |
|
Net Investment Income |
$267,202 |
|
Addition to Policyholders Surplus |
$855,417 |
