Offering home, farming, fishing and commercial coverage, P.E.I. Mutual Insurance Company has been operating for nearly 140 years. What started with a group of farmers soon grew into a multi-product insurance co-operative for customers across Prince Edward Island. Still operating exclusively in the province, the organization has nearly doubled in size over the last decade.

Setting roots

Throughout the late 19th century, overpriced premiums from insurance companies on the mainland were a growing concern for Prince Edward Island farmers. Deciding it was time for the province to have an insurance provider with affordable coverage, in 1885 a group of farmers got together to create Prince Edward Island Agricultural Mutual Fire Insurance Company.

An office was established at 201 Water Street in Summerside, P.E.I. and after 14 years of operation, the owners saw a demand for insurance coverage outside the farming industry. So, in 1889 the group launched P.E.I. Mutual Fire Insurance Company for residential customers. Both companies operated in tandem for over 40 years until unifying as P.E.I. Mutual Insurance Company in 1941.

 

Extending coverage

Over time, the organization rounded out its service offerings by adding coverage for commercial and fishing industries and policy owners grew.

P.E.I. Mutual acts like a cooperative where its customers become owners of the company and operations are overseen by a board of directors. Revenues are often reinvested into the business to improve product and service offerings and some are invested in supporting the community through sponsorships and donations. Additional profits are returned to policyholders as rebates.

 

New digs

After 130 years of operating in its office at 201 Water Street in Summerside, P.E.I. Mutual moved for the first time in 2015 to a new space uptown. The move allowed the company to accommodate its growing workforce and need for more physical office space. Since the big move, the company’s new headquarters have been renovated many times to add more private offices and open workspaces.  In addition to in-office staff, the organization has service agents across the island.

P.E.I. Mutual continues to operate exclusively in the province and maintains about 40 per cent of the residential insurance market and a significant portion of the farming industry. As a long-standing organization, the company sees homes and policies passed down through generations of family.

 

Islanders supporting Islanders

Still headquartered in Summerside, P.E.I. Mutual now has a team of 48 office staff and 20 service agents. Looking toward the future, the company plans to streamline operations and continuously improve product offerings in the residential, farming, commercial and fishing industries.

Commenting on the legacy organization’s focus, CEO Craig Noonan said: “The most important aspect of our business is to provide our customers with the best possible service. After all, the owners of our company are the policyholders themselves.”

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