Ontario Insurance is reached 140 years in business – and the regional carrier is celebrating by taking a trip down memory lane.
The company was founded as the Ontario County Patrons’ Fire Relief Association on June 12, 1877. It was established to protect farmers from the financial risk brought about by fires.
“Times have changed,” Ontario Insurance president and CEO Keith Fry told Messenger Post. “One thing has never wavered: our commitment to our customers, our agents and to supporting businesses that are growing our region’s economy.”
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The company issued its first ever policy to C.D. Ansley, of Geneva, for a property that Ontario Insurance continues to insure to this day. The first claim it ever paid was for a fire that occurred in Richmond on October 12, 1879. According to company records, the loss was adjusted at $800 for a barn and $550 for its contents.
At present, the company processes individual claims at nearly $1 million.
Ontario Insurance used to do everything manually. Before the rise of technology like Google Maps, company directors would physically visit properties before writing a policy and creating diagrams with pencils and paper. In its early days, Ontario Insurance was run almost entirely out of a single notebook.
“The tools we use now are obviously very different, but the prudent stewardship that its founders first instilled continues to drive our conservative approach to business,” Fry said. “That’s why I believe we have been nationally recognized for our financial strength.”
For its financial position versus its liabilities, Ontario Insurance is ranked #20 nationally among the nation’s insurers by A.M. Best. The ratings agency also gave the insurer an A rating, which the latter continues to maintain.
“While we may not be one of the nation’s largest insurance carriers, we are one of its most financially secure,” Fry explained. “We might not be the tallest oak, but we can withstand a big blow. It has become a benefit for our agents and policyholders who can rely on us to have the capital necessary to cover claims during their times of need.”
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