Nowadays, Wawanesa has 1800 employees working in Canada and the United States and 1300 insurance brokers operating in Canada insurance market. In 2005 the company earned $ 1.5 million and expanded its portfolio to three billion dollars. It is one of the most reliable insurance Canada.
In the beginning
The of Wawanesa story begins in 1895 when Alonzo Fowler Kempton and Charles Kerr decided to establish an insurance company, which would be more efficient than the companies that existed at the time and, Consequently, it could charge lower premiums. The idea was feasible. Twenty local farmers like the initiative and invested $ 20 each to finance the company. Thus, the company was born.
For the early years Wawanesa Mutual Insurance Company experienced substantial losses, the fact he has made to diversify its coverage on a wide range of agricultural equipment and buildings, schools and churches. In addition, the company expanded its business into new geographic areas - Saskatchewan and Alberta provinces. At the end of the century was the protection of Wawanesa $ 1 million worth of property. A few years later this figure rose to 20 million dollars and in 1910 the company claimed to be the largest " Mutual Fire Insurance Company in Canada ".
During the First World War, growth was stable, and Wawanesa retained the name of a reliable company. 1922 the company underwent a change in leadership. The new CEO, Charles Morley Vanstone was the man who led Wawanesa Insurance through the hard times of the Great Depression.
Further growth
In 1926 Wawanesa offers its customers coverage in private buildings in towns and cities. In 1928 the company diversified its coverage over and issued the first auto insurance policy. A year later Wawanesa was granted a Dominion of Canada letter, which means that the company could provide coverage throughout Canada. The years of the Great Depression had little impact on Wawanesa. In fact, the company strengthened and expanded during this period. It opened new branches in Montreal, Winnipeg, Moncton and within five years. While other companies collapsed, and Wawanesa flourished before World War II Wawanesa had a reputation of a " simple organization, Freedom of chicanery and all forms of deception ".
During the 1940 & 39; s 1950 & 39; s, Wawanesa Insurance unveiled as an innovative company. For example, the company that offers low premiums to young British Colombia, either completed a Canadian Automobile Association driver course approved, or a high-school driving program.
In the early 1960& 39;s, the company opened its subsidiary -- Wawanesa Life Insurance Company. For the next few years, both companies grew steadily, however the late 1960& 39;s the company faces a new challenge, which had a great influence on the company future.
New expansion
After 1969, election of a new Democratic Party government Manitoba, all drivers are forced to buy auto insurance policies of the government established " Manitoba Public Insurance Corporation ". This had a drastic impact on Wawanesa, since the company was the largest insurer of automobiles in the region. The shares of the company& 39;s revenue in Manitoba dropped to one third of what had been a year earlier. This and other factors Wawanesa forced to diversify their business. The board of directors decided to open a subsidiary in the United States, and California seemed like the most promising area for the new business.
A year later, Wawanesa opened a new office in San Diego, California. It was the right decision; market as big as Canadians. In the first month Wawanesa issued 102 policies and San Diego proved itself as the best choice. In the next 20 years the local population increased by five times and Wawanesa was destined to grow with the region.
In 1996 Wawanesa celebrated its centenary. True, stability and service, values that have always been the backbone of Wawanesa, will continue to guide the company in its second century.
Tim Baker is the founder of the website devoted to Wawanesa Insurance Company.
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