Rural Mutual declares farm dividend for eighth straight year

Rural Mutual declares farm dividend for eighth straight year | Insurance Business America

Insurance News

Rural Mutual declares farm dividend for eighth straight year

More than $23 million paid out since 2017

Insurance News

By
Terry Gangcuangco

The board of directors at Wisconsin-based Rural Mutual Insurance Company has once again declared a farm dividend.

Announcing the 5% dividend on eligible farm policies for 2023, the single-state insurer said: “This is the eighth year in a row a farm dividend has been declared.

“In 2024, an estimated $3.3 million will be paid out upon farm policy renewals. Farmers will start to receive dividend checks in late February and early March. Over the past eight years, Rural Mutual has paid out $23.6 million to their farm policyholders in Wisconsin.”

According to the farm insurance provider, it became the first company in Wisconsin in 2017 to offer farm policyholders a dividend.

Aside from being a way to support its farm policyholders, Rural Mutual also sees the farm dividend as a boost to its strong relationship with the Wisconsin Farm Bureau Federation.

Rural Mutual chief executive and executive vice president Dan Merk commented: “This is the program’s most substantial payout yet.

“I take great pride that our company’s financial success allows us to reinvest in Wisconsin farms. As an organization rooted in agriculture, the farm dividend is a way for us to show our appreciation for the lifeblood of our state.”

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