Society Insurance

About Society Insurance

Society Insurance is in niche insurance carrier since 1915. The company focuses on providing comprehensive coverage packages, underwriting and risk management for select business categories such as restaurants, bars, hotels and supermarkets. 

It is a mutual insurance company which is basically owned by the policyholders for over 100 years. They offer a unique combination of property and casualty coverages in one comprehensive package.

The company specialize in the details to build coverage for their customers. This brings a great difference to the clients. They get the right coverage from a carrier who understands each business’s unique risks.

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Licensed in which states? 

Society insurance is currently licensed to write premiums in the following states: Arizona, Colorado, Georgia, Illinois, Indiana, Iowa, Kansas, Kentucky, Michigan, Minnesota, Missouri, North Carolina, Ohio, South Carolina, Tennessee, Texas, Utah, and Wisconsin.

Products Offered by Society Insurance:

Business Insurance– The Society Insurance help you to determine the business insurance coverage necessary to protect your livelihood. They provide the generic coverage and the service which is expected from an insurance company. They will customize the coverage according to your need. This includes:

• Commercial auto,
• cyber liability
  
• Employment practice liability
  
• Franchise endorsement,
• Liquor liability,
  
• Spoilage contamination & recall
• Umbrella
  

Society Insurance is recognized in workers compensation and innovative insurance products to businesses. They offer package policies custom designed for many industries which include:

• Restaurant And Banquet Facilities
• Tavern And Hospitality Establishments
• Hotels, Motels, And Inn keeping
• Grocery And Convenience Stores
• Builders And Contractors
• Manufacturing Businesses
• Building And Apartment Owners

Financial strength

In 2019, the company wrote direct premium in the following states:

State  Wisconsin  Illinois     Indiana   Iowa 3.8  Tennessee  Minnesota Total

Premium written $121,274,033    51,036,032 18,801,914 7,913,249   4,916,856    1,845,905    $205,787,989

Percentage 58.9% 24.8% 9.1% 3.8% 2.4% 0.9% 100%

 Gross Premium Written for 3 years:

Year	Gross Premium Written
2019	$207,075,817
2018	200,906,164
2017	194,441,703

HISTORY AND PLAN OF OPERATION

The company was organized in 1915 as the Wisconsin Brotherhood of Threshermen Insurance Company, Limited Mutual. In 1946, the company changed its name to Threshermen’s Mutual Insurance Company. The company changed its name to Society Insurance On July 1, 1995, a mutual company.

Mergers by society insurance

On July 19, 2006, the company filed Restated Articles of Incorporation with OCI that formally restyled the company’s name to SOCIETY INSURANCE, a mutual company. Society entered into a Plan of Merger with Venture Insurance Company On January 1, 2006, whereby Venture Insurance Company converted from a Wisconsin stock insurance corporation to a Wisconsin mutual insurance corporation and simultaneously merged with and into Society, with the latter corporation surviving.

 On May 22, 2006, another former subsidiary, Society Group Inc., was dissolved. Effective April 1, 2012, Master Plumbers’ Limited Mutual Liability Company (Master Plumbers) merged with and into Society. Master Plumbers was an assessable mutual casualty insurer organized in 1911 and licensed only in Wisconsin.

It wrote only worker’s compensation, general liability, and commercial auto liability business for plumbing and heating contractors. Master Plumbers was placed in rehabilitation on March 29, 1994, by the Circuit Court for Dane County, Wisconsin.

Society performed claim adjustment and administrative services for the rehabilitator pursuant to a contract approved by the court. At the time of the merger, Master Plumbers had approximately $1.1 million in assets. Under the merger agreement, Society assumed all of the assets and liabilities of Master Plumbers and there shall be no future assessments levied against any former member of Master Plumbers.

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Target Of Society Insurance 

 The company focuses its expertise principally on restaurants and bars, grocery and convenience stores, hotels and motels, medical offices, artisan contractors, and auto service shops.

Major Products Of Society Insurance

The major products marketed by the company include worker’s compensation, commercial multiple peril, commercial auto liability, other liability occurrence, and auto physical damage. Commercial multiple peril represented approximately 46.3% of the company’s direct premium written in 2019, followed by 40.6% for worker’s compensation.

Society Insurance has been a long time servicing carrier for the Wisconsin Worker’s Compensation Pool. The pool business represents approximately 15% of the company’s direct business. The company’s products are marketed through approximately 350 independent agents.

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Board of Directors

 The board of directors consists of nine members. Three directors are elected annually to serve a three-year term. Officers are elected at the board’s annual meeting. Independent directors currently receive $1,250 per month for serving on the board, while the Chairman receives $1,500 per month. Additionally, independent directors are paid $1,000 per meeting attended.

 Directors who are members of executive management collect no compensation specific to their service on the board. Currently, the board of directors consists of the following persons:

Name	Term Expires
JoAnn Cotter (De Pere, Wisconsin)	2022
Linda Lee Newberry-Ferguson President and Chief Executive Officer	2023
Susan Marie Finco Owner	2023
Nancy Hernandez President and Founder	2022
Rick W. Parks President and Chief Executive Officer	2023
Stephen M. Peterson Retired President and Chief Executive Officer	2022

Jobs at society insurance

According to Glassdoor out of 28 reviews they received, people have given them 3.9 star. On the other side indeed.com has received  20 reviews and they have got an average of 4.3 star ratings out of 5.

Most of the people talked about great environment. Those who gave low rating they complaint about no  advancement and found it as a Smaller company which doesn’t provide opportunities for advancement.

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