What is a Mutual - IAMIC Members

Unlike stock insurance companies, which are owned by investors who may have no other connection with the company, mutual insurance companies are owned by their policyholders. Policyholders are entitled to vote for members of the company’s board of directors, and may receive special dividends in the form of capital distributions or reductions of policy premiums. Unlike stock companies, mutual companies exist solely to serve the insurance needs of their policyholders, and not to provide investment profits to shareholders.

Mutual insurance companies range in size from small companies operated out of managers’ homes.  Providing insurance to America’s farmers to protect the dwellings, buildings, and machinery that make farming possible - to some of the largest insurers of homes, automobiles and businesses in the world.

We were there for you in the storms and after the fires … we will continue to be there for you in the future.



Like farming, mutual insurance has been a part of the Illinois scene for well over a century, changing with the times to remain effective.

Providing the clout for this type of insurance has been its grassroots nature - neighbor helping neighbor - and the joint strength gained through membership in the Illinois Association of Mutual Insurance Companies.

Dating back to the time when insurance meant neighbors agreeing to replace another neighbor’s house or barn that burned, many IAMIC members remain primarily in rural areas, but now insure people in town as well and include some of the largest companies in the state and nation.

Just as farm methods have progressed, so too have the ways of our Illinois mutual insurers.

Illinois Mutuals

The clout of IAMIC member companies is reflected in their sheer number ~ 49 Farm Mutual Members. Yet financial strength also plays a role in their clout. In Illinois alone, IAMIC member companies serve over one hundred thousand policyholders and perhaps affect the lives of over a million people. In a marketplace that has seen the farm population decrease, our premium income has been stable at almost $89 million and our surplus is almost $1.1 billion. We have grown in our niche because we have adapted to changes in farming and in small towns.

The Illinois Association of Mutual Insurance Companies is the catalyst for progress, providing a professional staff with a full-time Executive Director; Jacqueline Rakers, IOM, PFMM, and our Lobbyist; Phil Lackman in addition to two part-time office assistants. Supporting the staff is volunteers from member companies, experts in varied fields of insurance, who serve as Officers, Directors and Committee members.