Implement Dealers Mutual Fire Insurance Company Records

The Implement Dealers Mutual Fire Insurance Company was organized by the Retail Implement Dealers Association of North Dakota and Northwestern Minnesota. It was authorized to commence writing policies on May 15, 1903. The first officers were D.W. Luke, president, G.E. Duis, secretary and P.S. Houghton, treasurer. By December 31, 1903 the company showed a surplus to policyholders of $9817. In 1949, the company's name was changed to Implement Dealers Mutual Insurance Company. By this time the company was also providing insurance for different natural disasters, inland navigation and transportation, and sprinkler leakage. Within the next ten years it added earthquake coverage, different forms of liability, theft and glass. Other forms of coverage were added but later dropped, such as accident, health and workmen's compensation insurance. In 1969 the company affiliated with the Statesman Group. It ceded all of its premiums to the Statesman Group Pool and assumed premiums on the basis of its surplus. By 1985 this affiliation was terminated and the company purchased reinsurance through a broker, E.W. Blanch Company. In 1986 the Implement Dealers Mutual Insurance Company was demutualized and the American West Company commenced business. By 1954 the company operated in 34 states and the District of Columbia. North Dakota continued to have the highest premiums for each year but different states competed with Minnesota for second or third place such as Mississippi, North Carolina, Florida, Montana and Texas. The company's surplus was $291,909 in 1936, $600,150 in 1945 and $1,343,586 in 1955. After 1956 this surplus began to decline rapidly and more states were dropped every year. By 1964 the surplus had decreased to $460,349, less than in 1943. In 1966, when the surplus began to increase, the company operated in 9 states, decreasing to 5 states (North Dakota, Minnesota, South Dakota, Wisconsin and Montana) by 1989. 1955's record amount was surpassed in 1976. Before the company demutualized it had a peak year in 1983 of a $2,381,342 surplus. After the American West Insurance Company was formed, the surplus reached $4,069,984 in 1988. Presidents of the company have been D.W. Luke who served a short time at the beginning, G.E. Duis from near the beginning till around 1936, A.W. Nygaard from around 1936-1962, R.L. Brenna, 1962-1969, M.L. Welch, 1969-1974, H.L. Reifschneider, 1974-1984 and R.H. Paulson, 1984 to the present. Other officers were P.S. Houghton, D.G. McIntosh, J.E. Sheehy, Henry Brenna, J.W. Falkanger, Henry Holt, C.E. Day, I.K. Everson, John Tupa, W.O. Folendorf, R.E. Eichhorst, W.L. Pederson and D.H. Sander. The collection also contains the 1902 annual statement of the Commercial Mutual Fire Insurance Company. In 1930 the Implement Dealers Mutual Fire Insurance Company reinsured their liabilities. Commercial Mutual decided that due to the extreme rate cuts, it would have been unwise to continue. The 1911-1934 records of the Retail Merchants Association Mutual Fire Insurance Company are also included. In 1931 the name was changed to Interstate Commercial Mutual Insurance Company. This company maintained the same address, phone number and many of the same officers as the Implement Dealers Mutual Fire Insurance Company. The 1942 Grand Forks City Directory is the last directory to list the Interstate Commercial Mutual Insurance Company.

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