WHEN NANCY NEWMISTER TOOK OVER AS PRESIDENT and Chief Executive Officer of Frederick Mutual Insurance Company one year ago, she discovered that the 174-year-old company—the third-oldest mutual insurance company in the state—needed to hit the refresh button, and operate as a start-up business.
Frederick Mutual was founded in 1843 as a way to insure homes and small businesses against fire. Newmister —who arrived with more than 30 years of experience in the property casualty insurance industry, most recently as senior vice president and chief underwriting officer for Berkley Mid-Atlantic Group— said she wanted to develop a forward-thinking strategy that would challenge its old ways.
Frederick Mutual’s quiet and respected presence was not widely known, leading Newmister to reintroduce the company by offering relevant insurance products and services for homeowners and local commercial businesses.
The company will launch a new product line this summer, and is developing a digital solution that will make it easier for its agents and policyholders to request quotes and information online. Frederick Mutual Insurance Company is a property and casualty insurance company — rated A-(Excellent) by A.M. Best — that operates through independent agencies in Maryland, Pennsylvania and Virginia, offering coverage for 345 classes of business for more than 21,000 policyholders.
Newmister plans to ensure agents and policyholders know about the competitive coverage Frederick Mutual offers to those in the Frederick County area and beyond, citing its metropolitan proximity as a great indicator of the company’s potential growth. “Our team is focused on the future,” Newmister said. “We want to add to our rich history and serve our customers by delivering cutting-edge products.”
Frederick Mutual Featured in Progress Magazine 2017