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Bear River Mutual Insurance Company is Utah’s oldest mutual property and casualty insurance company. The company was organized July 1, 1909, in the Northern Utah farming community of Garland along the banks of the Bear River. It was formed shortly after the founding of Garland as a way to help the local farmers obtain insurance at more affordable rates than Utah’s other companies offered.
The founders of the company realized that if they pooled their resources among a select group of insured, with similar values and characteristics, they could not only lessen the financial uncertainties that can come from a property or casualty loss, but also lessen the cost of that protection.
Where Values Count
At Bear River Mutual, values have always guided the way we conduct ourselves and our business. These values of integrity, honesty, hard work and service to the community are the same values and pioneering spirit that helped settle the American West. Over our first century in business, times may have changed, but our dedication to these values has always served as the cornerstone of our company. Our slogan, “Where Values Count,” is a reflection of our past, present, and future. It’s what distinguishes Bear River Mutual from other insurance companies.
Since Bear River Mutual only offers insurance in Utah, our policyholders work with local people on a one-to-one basis, ensuring the highest-quality personalized service available. This helps us in our goal to always process personal auto, homeowners, fire, and umbrella insurance claims in a fair and responsive manner.
How Are Mutual Companies Unique?
Serving Policyholders, Not Shareholders
Bear River Mutual is part of a tradition that began in 1752 when Benjamin Franklin founded the first mutual insurance company. Franklin’s Fire Insurance Company of North America pooled the funds of Philadelphia property owners who paid premiums to protect their mutual interests in the event of a fire. When no fires occurred in its first year of operation, the mutual returned all premiums to the policyholders.
Mutual Companies Are Owned by the Policyholders
At Bear River Mutual, our policyholders are the owners of the company. Premiums are paid into a common fund to cover policyholders’ claims. We keep our operating costs low and positive earnings are passed on to our members through lower-than-average insurance rates.
Unlike for-profit insurance companies, Bear River Mutual’s allegiance has always been to policyholders rather than outside stockholders. We continue to make insurance affordable and accessible, and pride ourselves in assuring ethical, high-quality service.
Adhering to these core values and business principles has helped Bear River Mutual grow into one of the most reliable and most respected mutual companies in the nation. In 2018, the company wrote over $179,000,000 in premiums for our friends and neighbors across Utah. Consumer and industry reports continue to recognize Bear River Mutual’s financial strength, stability, and stable future.
Bear River Mutual is a member of NAMIC – National Association of Mutual Insurance Companies. Learn more about Mutual Companies at NAMIC.org.