Iowa Mutual Insurance Company and its subsidiary, Iowa American Insurance Company, announced 2007 performance figures during its annual policyholder meeting.
The growth in the commercial area helped offset the difficulty encountered with personal lines results, the company statement said. The companies, operating in Iowa, Nebraska and Illinois, posted $48.6 million in direct written premium, $31.8 million in policyholder security funds and a 99.5-percent combined ratio.
In addition, Iowa Mutual also announced during the policyholder meeting the election of two new members to its Board of Directors as well as two retirements.
Alan R. Tubbs, Ph. D., was elected to a two-year term on the Iowa Mutual Insurance Company’s Board of Directors. Tubbs is president, CEO and member of the Board of Directors of Ohnward Bancshares, Inc., and CEO of Maquoketa State Bank in Maquoketa, Iowa.
Thomas R. Cole, CPCU, has been elected to a two-year term on the Iowa Mutual Insurance Company Board of Directors. Cole is senior vice president of Marketing and Claims.
Cole is expected to succeed Susan E. Haack as president at Iowa Mutual this year. Haack will move this year to Columbus, Ohio, to assume the Assistant Corporate Secretary position for Motorists Mutual Insurance Co.
Cole has been with Motorists Mutual, the lead organization in the Motorists Insurance Group for more than 30 years. In 1977, he began as a claims adjuster and has held several positions within the company, including claims branch manager in Cincinnati and Akron, claims west zone manager and marketing zone sales manager.
The company announced the retirement of two board members.
James D. Owen Jr., has served on the board since 2003, and also was selected as chairman emeritus for the board.
John L. Cooper, has served on the board since 2006. He will also retire from the Motorists Mutual Insurance Company and Wilson Mutual Insurance Company Boards of Directors.
Iowa Mutual and its wholly owned subsidiary, Iowa American Insurance Company, insure homeowners, local industries and commercial businesses throughout Iowa, Illinois and Nebraska. Iowa Mutual, founded in 1900, is an affiliate of The Motorists Insurance Group, based in Columbus, Ohio.
Source: Iowa Mutual Insurance Company
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