ontario mutuals-The Mutual Difference

Rooted in community
Ontario Mutuals is the overarching brand for 40+ independent, 100% Canadian, property and casualty insurance companies across the province.

Community based, mutual companies are owned and operated for the benefit of policyholders. There are no shareholders. Each mutual's board of directors is elected from among the policy holders.

Premiums, together with income from investments, are used to pay losses sustained by the policyholders as well as the expenses of running the company. Any excess surplus generated on a year to year basis either remains in the company's surplus account for the benefit of the policyholders or may from time to time be refunded to policyholders.

A rich history

The farm mutuals started in the mid 1800s and have remained strong, stable and reliable throughout the years. Although their roots are agricultural, today they offer a full range of home,auto, business and farm insurance.

They are part of the fabric of communities across the province, and have been for generations.

Working together, for the good of all

The Ontario Mutuals brand is managed through its trade association OMIA, (Ontario Mutual Insurance Association) who develops marketing, communication and consumer solutions for its Member Companies. The Association was formed in 1882 and originally went by the name Purely Mutual Underwriters Association, and later, Mutual Fire Underwriters Association. The Canadian Association of Mutual Insurance Companies or CAMIC, networks mutuals nationally.

A strong & highly sophisticated financial model

Ontario's purely mutual insurance companies participate in what is called the Fire Mutuals Guarantee Fund. Formed in 1975, the Fund places surplus of all member companies behind any one of the members.

In the very unlikely event of the insolvency of one of the members, all other member mutuals would cover 100% of current insurance claims, and policyholders would not lose any unearned premiums paid.

The Mutuals also own their own reinsurance company. FMRP was the first Canadian-owned reinsurance company when formed in 1959 and is one of only two Canadian-owned reinsurers in existence today. 

Quick Facts
Number of Farm Mutuals: 41
Formed: 1856 to 1910
Ontario Ownership: 100%
#Employees: approximately 990
#Policyholder Directors: approximately 350
#Policyholders: more than 375,000

Financial Stabilitity
Just over $1 Billion policyholders' surplus (among highest in Canada)
Formed in 1959, Farm Mutual Reinsurance Plan is one of only two 100% Canadian reinsurers
Fire Mutuals Gurantee Fund, protecting policyholders through surplus of all farm mutuals and FMRP

2014 Premiums
Total $670 Million (11th largest in Ontario) which includes:       
Property      $350 Million (7th largest in Ontario)
Auto            $260 Million (14th largest in Ontario)

Peace of Mind - From A Mutual Friend
In these days of corporate big business, the human touch is often lost. That's why people across the province turn to Ontario's Mutual Insurance Companies. When they need insurance protection, they prefer to deal with a neighbour not a stranger. Bay of Quinte Mutual Insurance Company knows what it means to be a policyholder.

Insurance At Cost
Ontario's Mutual Insurance Companies operate on a not for profit basis, unlike stock companies that have to provide shareholders with dividends from profits.

Leading Edge Products
Our innovative insurance products keep pace with changing needs. We can help you with your specific personal, business and farm insurance needs.

Ownership by Policyholders
Bay of Quinte Mutual Insurance Company is 100% Canadian and owned solely by its policyholders. As a policyholder, you have voting rights on important decisions.

Directed by Policyholders
Bay of Quinte Mutual Insurance Co. directors are policyholders, elected by policy holders - your guarantee that the company is committed to the best interests of all policyholders.

Protected by the Mutual Family of Companies
Bay of Quinte Mutual Insurance Company may seem relatively small, yet is backed by one of the world's most financially secure insurance networks, Ontario Mutual Insurance Companies - providing strength, stability and expertise.

Local Service From Your Neighbours
You will receive swift, courteous and knowledgeable help from people who raise their families along side you. They're aware of the changes happening in our community.