When Farm Mutual Re was formed in 1959 by mutual insurance companies from across Ontario, it became the first 100 percent Canadian-owned reinsurance company.
Our member companies were pioneers in the mutual industry in Canada. Many of these companies were formed in the mid-1800s. These first mutual insurers were designed to help local farmers manage risk.
At first the mutuals had to gain their knowledge of insurance by experience. As the number of companies grew, it became apparent that they should get together to share experiences and discuss common problems and possible solutions. Representatives from mutual companies first got together to discuss these issues in 1882 and continued to meet as the Purely Mutual Underwriters Association of Ontario, the organization that is now known as the Ontario Mutual Insurance Association (OMIA). The OMIA was instrumental in the formation of the Fire Mutuals Guarantee Fund and enabled these small companies to speak with a united voice in dealings with governments.
In 1955 the OMIA began discussing a number of alternative plans for reinsurance. Those talks led to the formation of what was then called the Farm Mutual Reinsurance Plan (FMRP) in 1959. Ten years later, FMRP incorporated as a mutual insurance company and in 2017, we rebranded to become known as Farm Mutual Re.