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Wawanesa Insurance

The Wawanesa Insurance Company was founded more then a hundred years ago. The company steadily grew since its inception and became the North American insurance leader with a multi billion capital. It has several thousand employees throughout Canada and over a thousand of insurance brokers. In September 2005, A.M. Best Co., which is the world's most authoritative insurance rating source, affirmed the financial status of Wawanesa Insurance as A+ (Superior).

The inception of the Wawanesa Insurance Company

Alonzo Fowler Kempton and Charles Kerr established the company in 1896. They convinced twenty farmers to invest $20 each into the company's capital. Seven of them became the first directors of the newly born company. The idea was to setup an efficient insurance provider company, which would help local farmers in their trouble.

The company started its business very modestly. It rented a small room on the second floor of a local drug store. The stuff consisted of two men: the manager and the accountant. The first years didn't bring much profit. The costs remained high in spite of the growth of the number of policyholders. In a few years Wawanesa diversified its business. Now it covered more farm equipment and buildings. This move had a beneficial effect on the company's financial status. Operations were also expanded into new areas of Saskatchewan and Alberta provinces.

The company grew at a rapid pace. In 1900 it protected one million dollar worth property. In 1901 the company's office moved into a new building and had a staff of 5 persons. Six years later Wawanesa insured twenty million dollar value property and in 1910 it became the largest fire insurance company in Canada. Such a rapid growth had been caused by the company's innovative approach to the business, promise of lower costs and fair dealings to policyholders. The trend remained steady during the Firs World War. Over this period the company gained good positions on the insurance market and became the industry leader.

In 1922 Alonzo Kempton, who had been serving the company over several decades, retired. Shortly after, a new managing director Charles Morley Vanstone was appointed. He started a new policy of economy by cutting company costs. This approach was badly needed in the early 1920's when Canadian economy suffered hard times. In the middle of 1920's economic conditions improved and Wawanesa could act more bravely. For the first time the company offered private building coverage in urban territories. A few years later the company diversified its coverage and offered auto insurance to its customers.

Such a growth became the reason for a milestone event in the company's history: Wawanesa was granted a Dominion of Canada charter. This meant that Wawanesa could operate in every province of Canada. As a result the company opened new branch offices in Toronto, and in Vancouver. During the next five years new branches emerged in Winnipeg, Montreal and Moncton. Now, Wawanesa Insurance had offices throughout Canada.

The Great Depression had a little impact on the company's financial status. Actually, Wawanesa expanded its business during this period. It had its own cash reserves and the company offered a broader coverage. It also reduced staff costs. The company reduced salary for all employees twice. This period had showed that it was possible to prosper even in difficult times.

During the next decade Wawanesa implemented innovative approaches to the business. In the late 1950's the company requested the federal government the authority to sell life insurance. In a few years the new life insurance company was born.

Wawanesa Life Insurance Company required new qualified staff and technical experts. This circumstance caused the company's directors to make a decision to move executive office into a new building. In 1961, Wawanesa Life started its operations and for the next few years the company steadily grew, as well as its parent company.