With more than a century of business know-how to our name, Amica is the oldest mutual insurer of automobiles in the country. We also offer home, marine, personal umbrella liability and life insurance products. Our employees are the key to providing exceptional service to our loyal policyholders.

Key Takeaways. An insurance company owned by its policyholders is a mutual insurance company. A mutual insurance company provides insurance coverage to its members and policyholders at or near cost. Any profits from premiums and investments are distributed to its members via dividends or a reduction in premiums.

Northwestern Mutual Northwestern Mutual is the largest life insurance company, according to 2022 NAIC data, holding a little over 7 percent of market share.

The Benefits of a Mutual Insurance Company You'll receive dividends. Mutual insurance companies try to pay out dividends each year to policyholders. You may be able to use them to purchase additional coverage if you have a whole life insurance policy.

Mutual funds let you pool your money with other investors to "mutually" buy stocks, bonds, and other investments. They're run by professional money managers who decide which securities to buy (stocks, bonds, etc.) and when to sell them. You get exposure to all the investments in the fund and any income they generate.

State Farm Top 10 Largest Auto Insurance Companies

Benefits of Insurance Coverage

• Provides Protection. Insurance coverage does reduce the impact of loss that one bears in perilous situations.
• Provides Certainty. Insurance coverage provides a feeling of assurance to the policyholders.
• Risk Sharing.
• Value of Risk.
• Capital Generation.
• Economic Growth.
• Saving Habits.

A mutual company is a private firm that is owned by its customers or policyholders. The company's customers are also its owners. As such, they are entitled to receive a share of the profits generated by the mutual company.

Key Takeaways. An insurance company owned by its policyholders is a mutual insurance company. A mutual insurance company provides insurance coverage to its members and policyholders at or near cost. Any profits from premiums and investments are distributed to its members via dividends or a reduction in premiums.

The primary mission of a mutual company is to protect members, by maintaining the capital needed to meet their needs and cover any insured losses - not to maximize profits for shareholders.

Five independent agencies - A.M. Best, Fitch, Kroll Bond Rating Agency (KBRA), Moody's and Standard & Poor's - rate the financial strength of insurance companies. Each has its own rating scale, its own rating standards, its own population of rated companies, and its own distribution of companies across its scale.

Ranking of the 20 largest insurance companies according to Forbes