Please join Frederick Mutual Insurance Company in celebrating Erica White on her recent promotion to Vice President of Human Resources! After four years serving Frederick Mutual as HR and Operations Director, Erica White completed an extensive certification process to earn her SHRM degree. May of 2024 the Board of Directors appointed Erica as Vice President of Human Resources and she also serves as Secretary of the Board of Directors.
FREDERICK MUTUAL ANNOUNCES ELECTION OF NEW BOARD CHAIRMAN
Jason Wolfe is the President and Chief Executive Officer of Mutual Capital Investment Advisors, LLC (“MCIA”), which serves as the investment adviser for Mutual Capital Investment Fund, LP (“MCIF”), an investment fund that is focused principally on providing capital to mutual insurance companies in the U.S. property and casualty insurance segment. Mr. Wolfe is the Chairman of the Board of Frederick Mutual Insurance Company. He has also been a Director of Forge Group, Inc. since its organization in January 2021 and a director of Forge Insurance Company since October 2011. Mr. Wolfe is a founder and Managing Member at Arbor Hills Asset Management, LLC (“Arbor Hills”), a private investment firm.
Prior to founding Arbor Hills, Mr. Wolfe served as a Managing Director at Paragon Capital Group, LLC (“Paragon”), a merchant banking firm that advised and provided growth capital to middle-market businesses in various industries including financial institutions, insurance, real estate, and diversified industrials. Mr. Wolfe joined Paragon in 2010 and specialized in providing merger and acquisition (“M&A”) advisory and capital raising services for insurance companies and other financial services businesses. Prior to joining Paragon, Mr. Wolfe worked at Friedman, Billings, Ramsey & Co. (“FBR”) as a Managing Director in the firm’s Insurance Investment Banking Group, which he joined in 2001. Mr. Wolfe was a founding member of FBR’s Insurance Investment Banking Group, which quickly grew to become a leading provider of corporate finance and M&A advisory services to small and mid-sized insurance companies throughout the United States and Bermuda.
During his career, Mr. Wolfe has advised numerous publicly traded and privately held stock companies as well as companies with alternative corporate structures, such as mutual insurance companies and reciprocal exchanges. Mr. Wolfe led the insurance M&A advisory business at FBR, advising on a wide variety of transactions including related party transactions, negotiated transactions, traditional public company auction transactions, and run-off company transactions, and has served clients on both the buy-side and sell-side. Prior to joining FBR, Mr. Wolfe worked with banks, thrifts and insurance companies in the Financial Institutions Group at McDonald Investments, Inc. (“McDonald”). Over the course of his career, Mr. Wolfe has helped raise over $3.5 billion in equity capital for insurance companies and has advised on over $1.5 billion in insurance company M&A transactions.
Mr. Wolfe has considerable experience advising leading insurance businesses on such matters as capital raising, mergers, acquisitions, and growth initiatives. Mr. Wolfe has significant relationships with executives, consultants, and advisors throughout the insurance industry. Mr. Wolfe has a B.S. in chemical engineering from Case Western Reserve University.
FREDERICK COUNTY’S OLDEST BUSINESS AT 181-YEARS-OLD TRANSFORMS IN 2024!
In the 1840s, Frederick, Maryland was among the 100 largest cities in America and considered cutting edge in many ways. On the corner of South Market and All Saints Streets, the B&O Railroad dispatched passengers from then-faraway places like Pittsburgh and New York City. Other travelers journeyed westward by wagon on the nation’s first paved highway that cut through the city on Patrick Street. Nestled in the hustle and bustle of this burgeoning town was Frederick Mutual Insurance Company, established in 1843. During the 19th and 20th Centuries, the Company provided fire insurance protection to local Maryland homeowners and business owners. In the 21st Century, Frederick Mutual evolved and innovated to become a regional insurance carrier dedicated to protecting businesses in the greater Mid-Atlantic and Southeast regions of the United States of America. Through the introduction of innovative products and technologies, Frederick Mutual provides comprehensive business insurance for contractors, retailers, small businesses, property owners, wholesalers, and more!
The following highlight some of Frederick Mutual’s innovative advancements that have helped transform our insurance company to a dedicated Commercial Lines carrier in 2024:
- A suite of Secure Businessowners® (SBOP) Coverage Enhancements
- Commercial IVANS Download
- Optional Hartford Steam Boiler (HSB) Coverages: Equipment Breakdown, Employment Practices Liability (EPL), Contractors E&O, Professional Liability, Inland Flood, Cyber Suite
- Electronic document delivery to agents and policyholders
- My.FrederickMutualInsurance.com – our interactive policyholder app
To read the full article of Frederick Mutual’s origins and its 181 year transformation in Frederick and the insurance marketplace, please visit Layout 1 (squarespace.com)
Providing Peace of Mind since 1843
Employee Spotlight: Sam Elicati!
July Employee Spotlight: Meet Ibtisam (Sam) Elicati!
Sam joined Frederick Mutual’s claim department as a Casualty Claim Specialist in January of 2022. She has decades of experience handling casualty claims and litigation in multiple states and jurisdictions where she uses her skills to provide service to all our customers including insureds, claimants, agents and attorneys. Using her personable disposition, Sam is very skilled in crisis management and conflict resolution which allows her to be successful in her position. What people like most about working with Sam is that she is always willing to help and does it with a smile. We at Frederick Mutual appreciate her infectious positivity, you will too!
Frederick Mutual Receives Nomination for 2024 NAMIC Award in Innovation
Frederick Mutual has been nominated for the 2024 NAMIC Award in Innovation based on “The Award in Innovation nomination focused on the transformation of Frederick Mutual’s workforce, marketing territory, independent agency representation, commercial products, and technology stack while formalizing its risk management, claim, underwriting best practices, and a reduction in expense ratio during the transformation,” according to Barbara Albert, Editor in Chief of The Demotech Difference. To read the full press release please visit: Demotech Rated Frederick Mutual Insurance Company Nominated as Innovative - Demotech
African American Key Historical Influence in History
Black History Month: The Key Contributions of African Americans in the Insurance Industry in the United States
Frederick Mutual celebrates Black History Month by highlighting the contributions of African American business and community leaders to the growth of the insurance industry in the United States. These contributions are documented in a publication authored by Natalie Burclaff entitled, “Honoring African Americans: Cornerstones of Economic Development – African American Insurance Companies”. This insightful publication, housed in the Library of Congress, explains how certain key African American leaders in Philadelphia in 1787, overcame discrimination, to create an organization called the Free African Society, the purpose of which was to provide financial and other assistance to African Americans in need. The impact of this organization is more fully detailed in a complimentary article “The African Insurance Company” on The Black Past by Elliot Partin. Partin explains that The Free African Society was established for impoverished communities to create “a pool of money from which to draw if women were widowed, a member fell sick, or to provide a Christian burial for a member who died.” Members were charged a monthly premium to help cover the costs of other members who faced arising needs; thus, serving as the template for future black-owned insurance companies.
In that regard, the Free African Society model, by Partin’s account, encouraged three key business leaders, President Joseph Randolph, Treasurer Cyrus Porter, and Secretary William Coleman to create the first African American insurance company in 1810 in Philadelphia. That insurance company, The African Insurance Company, built upon the model of the Free African Society and sought to provide insurance protection to any African American in Philadelphia who could contribute monthly premiums. Partin emphasizes how these early efforts paved the way for the success of post-Civil War African American owned insurance companies.
One of the most successful of such African American owned insurance companies was the North Carolina Mutual Life Insurance Company in Durham, NC founded in 1898. This Company was founded by three of Durham’s most influential businessmen: John Merrick, Aaron McDuffie Moore, and CC Spaulding. Each one of these individuals had primary careers as physicians and businessowners, but they shared a philanthropic focus. According to Burclaff, they used the capital and influence gained by North Carolina Mutual Life Insurance Company to infuse prosperity into many black-owned businesses in Durham, which made that city one of the most thriving locations for African American businessowners.
We should all be aware of and celebrate the contributions of the many African American business and community leaders who paved the way for socioeconomic stability, protection, peace of mind for communities, and those who have helped shape businesses and insurance companies alike today.
To read the articles cited above please visit:
Frederick Mutual Pets Spotlight for Valentine's Week!
In honor of Valentines Day, what better way to show our love, than to showcase some of our employees’ pets!
This coincides with Frederick Mutual’s first quarter non-profit initiative for 2024 to Frederick County Animal Control. The Frederick County Animal Control Mission is: “To prevent cruelty, abuse, and neglect of animals in Frederick County by enforcing all state, county, and city ordinances. We shelter homeless animals and place them in safe and loving home environments. We educate the public on all animal issues, to foster a more aware and caring community.”
Read more about Frederick Animal Control here! Animal Control |
Frederick Mutual Recent Promotion!
Please join us in celebrating the promotion of Frederick Mutual's very own Allie Villatoro to Claims Specialist I!
Frederick Mutual Hires AVP & Head of Claims: Gary Barkman
Please join us in welcoming Gary Barkman, AVP and Head of Claims, to the Frederick Mutual team!
Frederick Mutual's Longstanding Legacy!
Frederick Mutual turned 181 years old on December 15th, 2023! Read below about FMIC's longstanding insurance legacy.
Frederick Mutual Group, Inc. Announces Closing of Investment by Mutual Capital Investment Fund, LP
January 8, 2024
Frederick Mutual Group, Inc. (“Frederick Mutual”) is pleased to announce that it has raised significant long-term capital from Mutual Capital Investment Fund, LP (“MCIF” or the “Fund”) that will be used to augment Frederick Mutual’s surplus and support its commercial lines business. As part of the transaction Frederick Mutual has made the strategic decision to exit personal lines entering into a renewal rights agreement related to that line of business. Frederick Mutual, founded in 1843 and one of the country’s oldest insurance companies, will remain an independent mutual insurance company with Nancy Newmister as its Chief Executive Officer.
“It has been a pleasure to work with MCIF on this transaction. As the Board of Directors considered alternatives it quickly became clear that partnering with MCIF was in the best interests of the company and its constituents. The MCIF team demonstrated an understanding of our business and culture which makes sense since MCIF was founded by a mutual insurance company. Although Frederick Mutual has faced challenges on many fronts over the past few years, the MCIF team recognized Frederick Mutual’s value and its potential,” said Nancy Newmister.
Jason Wolfe, President and CEO of the Fund’s management company, Mutual Capital Investment Advisors, LLC stated, “We are excited to provide capital to Frederick Mutual at this critical time and look forward to being a part of Frederick Mutual’s future.” In addition to his role with the Fund, Mr. Wolfe is the lead independent director of Forge Group, Inc. and became the Chairman of Frederick’s Board of Directors upon the closing of MCIF’s investment in the company. Mr. Wolfe further noted, “I’m looking forward to working with Nancy and her team as Frederick Mutual focuses on its commercial lines business. MCIF is continuing to execute its mission of providing patient, mutual-friendly capital to insurance companies and is well-positioned to provide substantial capital to other mutual insurance companies.”
Founded on December 15, 1843, Frederick Mutual has continuously operated for 181 years as a mutual insurance company serving policyholders, initially in Maryland, and subsequently expanding the operating territory into Pennsylvania, Virginia, Delaware, D.C., North Carolina and South Carolina. We work with respected local independent agents who share our values of delivering innovative and competitive products to our policyholders.
In 2022, Frederick Mutual Insurance Company reorganized from a mutual insurance company to a mutual insurance holding company structure, in accordance with Maryland law and pursuant to policyholder and board approval. Through the reorganization, Frederick Mutual Holdings, Inc., a mutual insurance holding company, and Frederick Mutual Group, Inc., an intermediate holding company, were formed. Frederick Mutual Insurance Company became a direct
subsidiary of Frederick Mutual Group and a wholly owned indirect subsidiary of Frederick Mutual Holdings. Under the new mutual insurance holding company structure, all existing and future policyholders of Frederick Mutual Insurance Company retain their mutual ownership rights and automatically become members of Frederick Mutual Holdings.
Mutual Capital Investment Fund, LP was formed to provide mutual insurance companies with a capital source that is generally more ‘mutual-friendly’ than other options. MCIF is sponsored by Mutual Capital Group, Inc. (“MCG”) based in Wyalusing, Pennsylvania. Mutual Capital Group, Inc. has a mutual insurance heritage that spans almost 150 years, and brings a level of understanding, experience, and support to clients that is beyond compare. As a result of being formed by, and having MCG as its parent, the Fund has insights into the challenges and opportunities mutual insurers face today, with the ability to partner with companies it invests in, while appreciating their culture and independence.
Frederick Mutual Announces New Hire of Gary Barkman, AVP & Head of Claims
An insurance professional with over 25 years in the industry, Gary’s leadership experience spans small commercial claim handling, large loss & complex property claim adjusting, loss prevention, and claim quality outcomes. Most recently, Gary was the Property Manager in the Major Case Unit for The Hanover Insurance Group. Frederick Mutual is honored to have Gary on the team.
Frederick Mutual Insurance Company was founded in 1843, is the 3rd oldest insurance company in Maryland, the 9th oldest in U.S and we are celebrating 181 years in 2024!
57 Thomas Johnson Drive
Frederick, Maryland 21702
(301)663-9522
Frederick Mutual’s Recent Hire of Evan Krozy, Chief Operations Officer Elevates Commercial Lines Focus
An insurance professional with over 20 years of experience, Evan comes to Frederick Mutual with a vast array of industry experience. His career has included commercial lines underwriting, portfolio management, product development, compliance, operations, and working closely with claims and loss control. Evan’s expertise in property underwriting has led to his diligence with CAT monitoring and facultative reinsurance. With this breadth of property knowledge and navigating hard markets, Evan will help advance Frederick Mutual’s pursuit of greater expertise in our Frederick Mutual Secure Businessowners markets. With his hire, alongside of Frederick Mutual’s recent investment in transforming its multi-state product offerings and automated processes, we believe that Frederick Mutual’s Secure Businessowners® product will continue to outperform commercial lines market results in Maryland, Virginia, Pennsylvania, Delaware, and North Carolina!
Employee Spotlight of the Month: James Verby
James is being recognized for going above and beyond for both his co-workers and agents. James emulates Frederick Mutual’s core value in being results driven through his excellent work ethic and organizational skills.
James has been in the insurance industry since 2022 when he joined Frederick Mutual as an Underwriting Assistant. He graduated from The Catholic University of America with a degree in Business management, strategy, and operations. James lives in Frederick and enjoys golfing, swimming, and playing the piano in his free time.
Frederick Mutual Introduces Risk Management Software for Businessowners: HELIXintel
Frederick Mutual recently launched its new risk management software service: HELIXintel! HELIXintel provides a simple and intuitive digital platform which assists businesses of any size or industry to organize, track, and care for their facilities and equipment. Accessible anywhere, the platform proactively monitors equipment status and performance. By recording, tracking, and analyzing procurement, maintenance and repair data, equipment owners are now better able to control their facilities’ maintenance, increase operational efficiency and improve risk management. The platform also matches businesses with qualified manufacturers, suppliers, and contractors to ensure they have access to the best pricing and service available, nationwide.
Learn more by visiting our HELIXintel page here!
Frederick Mutual Community Spotlight!
For the months of August and September Frederick Mutual is supporting The Arc of Frederick County! The Arc of Frederick County provides, “professional assistance to help children and adults with developmental disabilities by building networks of supports so they can safely and successfully live, work, go to school and be meaningfully included in their communities.” Learn more about this worthy cause here! The Arc of Frederick County, Maryland (arcfc.org)
Frederick Mutual's June Community Outreach: FCPL Book Drive a Success!
For the month of June, Frederick Mutual focused our outreach efforts in supporting Frederick County Public Libraries. Our Frederick Mutual staff came together to donate over 200 books to our local libraries! To learn more about FCPL’s mission please visit Opportunities to Give | Frederick County Public Libraries (fcpl.org)
Housing Contractors Continually Needed!
The United States Census Bureau released new residential construction statistics for May 2023, reflecting positive indications regarding building permits, housing starts, and housing completions. With increased business demands, Contractors of all types need to ensure they have the appropriate coverage. Frederick Mutual offers comprehensive, competitive coverage for qualified Artisan Contractors Frederick Mutual offers insurance for homeowners and businessowners in the Mid-Atlantic! For more information on housing market stats reported by the US Census Bureau please read here
https://lnkd.in/eEPbJiY
Frederick Mutual All-Employee Meeting and Field Day!
Undeterred by the weather, Frederick Mutual’s staff gathered for fun and fellowship at the All-Employee Meeting and Field Day. Bringing together our hybrid workforce from seven states, Frederick Mutual strives to continue to build upon team engagement and camaraderie in an evolving workforce.
Frederick Mutual Introduces New Product for Businessowners: Employment Practices Liability
There are ample opportunities to build camaraderie, trust, and equal playing fields between your staff and clients! However, when unforeseen or uncontrollable events arise, Frederick Mutual’s Employment Practice Liability coverage can kick in to protect your business or establishment.
Here is an example of when a landlord at an apartment building faced an EPL lawsuit.
The insured received a notice of the claim from the state Commission on Human Rights and Opportunities alleging familial status discrimination and pregnancy discrimination. The charge alleged discrimination based on familial status when they declined to rent an apartment to the insured. An initial demand of $40,000 was presented. A settlement was reached between the two parties involved through mediations.
As a landlord and/or a businessowner we know you work diligently to serve your employees and tenants. Frederick Mutual is here to provide you peace of mind with our new EPL coverage to help your business defend against employment claims that allege age, gender or race discrimination, sexual harassment, or other unlawful employment acts or practices.