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This is Fred Ball for Zions Bank, speaking on business.
Bear River Mutual Insurance Company was originally organized in 1909 in Bear River Valley to make insurance coverage affordable for local farmers and residents. The company began when a local Garland, Utah, farmer and businessman named Willard Snow Hansen joined forces with 15 other hardworking men to form a mutual insurance organization. Originally, the company's goal was to make insurance affordable and accessible to the masses--especially those living in northern Utah.
In the beginning, the company insured against losses by fire and lightning. In 1930, auto insurance was introduced, and in 1950, homeowners' insurance was offered.
The company's humble beginnings are reflected in its early ledgers. During the first year, with only a handful of employees, Bear River's premiums amounted to $1,967.69, with listed insurable values of $47,950. What's more, from 1909 to 1930, Bear River's agents were paid a whopping $3 commission per policy.
Today, the company employs 61 people and is represented by 87 agents in Utah. Now, Bear River writes just under $50 million in premiumsóa figure that places this locally owned business among Utah's top five largest insurance companies. (This fact is especially impressive when considering that Bear River's primary competitors are national insurance companies.)
According to Bear River President Don Adams, the companyís success has come from catering only to the Utah community, which has allowed it to provide highly personalized and efficient service to policyholders. Innovative approaches to insurance, like the company's policy of not offering auto insurance to anyone who drinks, help keep premium prices low. Adams says that thousands of Utah consumers have always supported Bear River Mutual Insurance, in spite of a highly competitive marketplace. As a result, the company continues to experience growth and success within the community.
For Zions Bank, Iím Fred Ball. Iím speaking on business.