As with all mutual insurance companies, Palmyra Farmers Mutual Insurance Company is an insurance ‘co-op’ owned by the policyholders that it serves. Our existence began out of necessity; in the late 1800’s the large stock companies of the East refused to come to the rural prairie and provide insurance coverage for farmers. That’s when area farmers banded together to mutually share and spread the loss amongst all policy holders. Upon its founding, the name Palmyra Farmers Mutual was selected from the township name in which the company originated, Palmyra Township in Renville County, Minnesota.
Back in 1886 and for the first number of years, the original insurance policies were written in the Norwegian language and the premiums were quite minimal. At the time, the home office was located in the personal home of one of the Board of Directors. It was only in the 1930’s when our home office changed. At that time Palmyra Farmers Mutual merged with Wellington-Birch Cooley Farmers Mutual Fire Insurance Company; the name Palmyra was retained and Insurance Company was added. The merger also brought about a new home office location, which was moved to Franklin, Minnesota.
Today the company operates as Palmyra Farmers Mutual Insurance Company based out of Franklin, MN. The company is governed by a local Board of Directors comprised of seven members and functions with a minimal staff of well-trained individuals.