A Light Look at a Long History of Grenville Mutual
 Joseph Scott (1892)
First President |
1892
The first organizational meeting held above J.D. Snyders Store in Spencerville Ontario. Ten people attended. James Bennett was appointed Manager of the company (annual salary of $25) and Joseph Scott elected as President. The year had passed without a claim however the company collected only $94.50 in premiums. Along with a donation of $75 from the Patrons of Industry, total income was $170.50 with expenses at $189.30. The company lost $18.89. |
 James Bennett (1892)
First Manager |
1893
The first annual meeting of the company was held at the Spencerville Town Hall. It was reported that 92 policies with $112,050 of insurance was in force. Total annual premium was $95.50.
April 25/1893 - Special meeting to discuss and approve for payment the first claim made on a policy. Mr. James Van Camp lost his barn to lightning and was paid $37.50 for his total loss.
1896
Twenty claims amounting to $2,976.25 occurred. Revenue for the year was $3,596.80, which resulted in total cash on hand of $94.99. So after 5 years in business, Grenville had a total of $94.99 to cover insurance in force of $1,679,545. A shoestring budget.
 Henry Morgatroyd (1905)
Second President |
1909
The first Oliver typewriter was purchased for $87.50. |
1912
The company finished its second decade with over 2600 Policyholders with insurance in force of $7,100,000. With $8,200 in reserve to cover claims, Grenville was now one of the larger Mutuals in Ontario writing approx $15,000 in annual premium.
1913
The first telephone was installed.
1919
It was voted to reduce the number of Directors from 15 to its present level of 9.
 Private Bank (1920) |
1920
Robert Montomery was elected as the fourth president of the company. |
1922-32
James Bennett, in 1922 asked that his annual salary be reduced from $500 per year to $360. He no longer felt he could contribute at the same level as before. He resigned in 1923 and is recognized to this day as the reason behind the initial success of the company.
Herb Adams replaced him in 1924.
The first office was built in 1925 making Grenville only the 5th mutual out of 71 to own their own building at a cost of $1,782.
The company survived the depression years and the high number of total loss fires that were occurring. An assessment of $105 was approved at the 1932 board meeting, which caused great distress to the policyholders but was crucial to the survival of the company. Many Mutual Companies were forced to make numerous assessments to cover losses although only three were forced to cease business.
Grenville ended the decade as the eleventh largest Mutual Insurer in the Province.
 Board of Directors (1936-37) |
1932-42
The first fifty years was celebrated. Having survived the early years, in particular 1895 when with $95.96 in cash was held to cover $1.5 million in risk. It survived the depression years when in 1931, $102,000 in claims needed to be covered with $49,500 in premiums. Insurance in force had now increased to $15,900,000 with over 5200 policyholders |
1950's
The joint US and Canadian effort on building the St Lawrence Seaway took place. Many Towns were moved or completely disappeared when making the new lake. Over 200 Farms were lost under the water when making the lake.
1960's
A time of tremendous growth in writing insurance coverage however the companies surplus, now at only $260,000 was insufficient to cover over $132,000,000 in risk and annual premiums of $480,000. The department of insurance was brought in to over see the recovery of the company. Reinsurance Agreements through FMRP were re evaluated and used to better prepare the company for growth.
1970's
The end of the decade saw the return of the financial strength of the company with surplus now over $2.5 million and premiums of $1.7 million. It was also the first decade in which Grenville added Liability to its coverages.
1980's
Grenville purchased its first Hewlett-Packard computer.
1990's
This decade brought the Great Ice Storm in January 1998, dubbed the storm of the century. It resulted in 10 years worth of claims over an 8 day period and was the single most devasting weather event in Canadian history. This all happened a year after the company moved into it's new office building just outside the town limits of Spencerville.
The Year 2000 to the Present Times.......
Grenville has now established GGL financial services, founded and now owns with 36 other Mutual companies a software developement firm (MCCG) and has grown with our 26 Independant Brokerage companies and 2 Exclusive Agents to annual premiums over 13 million dollars and a surplus well over 30 million dollars. We have become one of the most financially secure and trusted Mutual companies in the country.
Our Vision is to be Recognized as the Standard of Excellence for Mutual Insurance in Canada
Call today- we'll prove our commitment
P.O. Box 10, 3005 County Rd. 21
Spencerville, ON K0E 1X0
Tel.: 613 658-2013
Fax: 613 658-3374
24 Hour Emergency Claims Service
1 800 267-4400
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