Ripples Today. Waves Tomorrow.

Twenty Sixteen Annual Report

02It Starts With a Mission

04 Growing Employee Potential

06Misfortune Launches Giving Back

08Generations of Giving

10Jumping on Board

12What We Value is Where the Ripple Starts

16Turning Adversity to Blessings

18Financial Information

20Board of Directors

22Executive Staff

24Leadership Team

Contents

As a mutual insurance company, we believe our value is measured by the success of our clients.

It’s Our Business to Protect Yours®

Our Mission

Federated Mutual Insurance Company • Federated Service Insurance Company*Federated Life Insurance Company • Federated Reserve Insurance Company* • Granite Re, Inc.*

AD-221 Ed. 3/17 | federatedinsurance.com | *Not licensed in all states. © 2017 Federated Mutual Insurance Company

This publication is for general information only and should not be considered legal advice. The illustrations herein are for discussion only. Coverage will be determined by the facts of your claim and the terms of your policy, if approved for issue. All products and services not available in all states. Qualified counsel should be sought with questions specific to your circumstances.

1

It Starts With a MissionOur Mission Statement at Federated Insurance clearly defines how we determine our value to our clients. It is not Federated’s

operating gains, asset growth, or premium growth. Nor is it surplus or investment gains that add value to clients and help make

them successful.

I was recently asked what I believe client success is. My response comes from personal experience having worked in two businesses started by hard working entrepreneurs who had a dream and a vision for how they could best serve their families, employees, community, and clients. They focused on what was needed to achieve their American dream. It was inspiring to be part of those organizations and their vision. I was also asked why I’m so passionate about risk management. Once again, a ripple effect was started by personal experience involving two tragic events—the first was the preventable death of a valued employee. The business owner never got over the devastation of that tragic accident. The second was the death of that same business owner without proper succession planning in place. I saw a 35-year-old successful business close its doors forever. Client success is simple for me. The most important value we can bring a client for success is risk management—period! Clients focus on the products and services they sell.

Federated exists to help them focus on risk management to keep their employees and their businesses safe. A client will never reach their potential success if employees are hurt, killed, or cause injury to others. Of course, we have wonderful insurance to cover losses when they do occur. However, preventing those claims from occurring in the first place is client success. When clients are successful, Federated is successful.

Our passion around risk management has driven our financial results in 2016. This year completes the most successful four-year financial stretch in our 112-year history. The insurance industry’s oldest, most experienced rating agency, A.M. Best®, rated Federated Mutual Insurance Company A+ Superior for the 32nd year in a row, a rating held by only nine percent of the insurers in the United States. Once again, Federated Mutual was recognized as a top 50 company by the Ward’s Group® in 2016. We also reached historic milestones with Property and Casualty premium breaking through the $1 billion threshold, Policyholder Surplus eclipsing the $3 billion mark, Invested Assets surpassing the $6 billion level and Total Consolidated Assets busting through the $7 billion ceiling. All-time highs were achieved in numerous measurements including new property and casualty sales and premium, life company premium, group health insurance premium, and total premium.

In the stories featured in this year’s Annual Report, we celebrate client and employee moments that started ripple effects of great significance in their businesses and communities. These examples are representative of the ripple created by our 31,000+ commercial property and casualty clients across the country. A ripple starts with a leader taking action. We applaud the actions our clients took this last year with our Distracted Driving “Please Make it Home Safe Today” loss side initiative. Lives will be saved because of the leadership and communicated expectations to employees regarding texting and driving. Our hope is that the small risk management wave created this year builds to a tidal wave of safe habits for employees operating company vehicles.

Ripples were started this year at Federated including an acquisition of a surety company, a leadership program for women, and a profitable growth initiative, all for the explicit purpose of creating more value for the businesses we serve. We expect that these small ripples today will become major waves of value tomorrow. 2016 was a very successful year for the organization. We thank our outstanding business leader clients and best-in-class employees for these results.

We proudly serve the finest businesses in the United States.

Jeff Fetters Chairman, President and CEO

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54

Workers compensation claims were becoming a regular occurrence at C.E. Holt Refrigeration, Inc., a locally owned business in Charlotte, North Carolina. They attributed these claims to common problems in the construction industry. Jeff Holt, company president, recalled a time when an employee fell off a ladder and the catastrophic implications that followed. Recognizing a growing problem, and with the help of Federated Insurance, C.E. Holt made a concerted effort to create a company culture revolving around safety.

“C.E. Holt has always had great employees. Unfortunately, if you put great employees in a bad system, you get bad results,” stated Jordan Newsome, vice president of service. The company, which specializes in the service and installation of commercial refrigeration equipment, worked to assess safety from numerous facets: recruiting, pre-employment fit for duty tests, safety orientation, and implementing a safety coordinator.

“Creating a safety culture is a culture of accountability—to your co-workers, your customers, and the contractors,” stated Sam Daniels, vice president of installation. The culture at C.E. Holt has quickly evolved with a renewed focus on safety. They have also executed a modified duty/return-to-work policy and a workers compensation deductible. Jeff also noted another positive outcome to their expanded risk management culture. “Our turnaround in safety has made an impact on morale.”

Holt’s employees were encouraged by the company’s care for them. They began to look for ways to return to work soon after an incident in addition to opportunities for cross training. “The culture we’ve created has allowed employees to dictate their own success and further their careers and earning abilities,” said Sam. “We want to become the employer of choice.”

“Being safe is not the cheap way, definitely not the easy way, but it’s the right way. Having a daily mentality of safety as the number-one goal regardless of productivity, regardless of profit, regardless of how fast we’ve got to get the job done, changes everything,” said Jordan.

With nearly 100 employees, Jeff feels their greatest impact on the community is in the investment of his people. “We believe our company culture transcends past time clocks,” he said. “Through accountability and education, we empower our people to be better…to rise above perceived limitations and excel. Our goal is to define a path for each employee to realize his or her full potential. Employees become better stewards to their individual communities as they become confident in their own abilities.”

“As of right now, C.E. Holt has the best of the best working at this building. I couldn’t be any happier having the people I have,” said Jeff. He is thankful for Federated’s support, specifically the importance of the workers compensation mod analysis. “Federated and our rep, Nate, really helped us turn this company around. It’s not just about the money, it’s about taking care of our employees the way Federated takes care of us.”

Growing Employee Potential

Being safe is not the cheap way,

definitely not the easy way, but it’s the right way.Jordan Newsome, Patsy Holt, Jeff Holt, and Sam Daniels

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Misfortune Launches Giving BackOne November, Johnny Carter’s kidneys shut down. After seven months of dialysis, Johnny had a kidney transplant. Numerous

people volunteered to be a donor, including family, community members, and even a former employee. “My adopted daughter

happened to be the match!” said Johnny. The whole experience created a lot of uncertainty for May and Carter Oil Company, the

company Johnny has owned since 1971.

“Had Dad not been able to get a kidney transplant, it wouldn’t have impacted May and Carter. It would have impacted me,” said Johnny’s son John. “He has done a good job of educating and cross-training everyone on what they need to do. We’d be lost, but not as a business. We would be lost as a family.”

May and Carter has been a staple in Jackson, Georgia, for many years, and the legacy will continue as John will take over the business. “I grew up in the family business, so it made sense for me to be here,” said John.

Johnny’s foresight for employee training and succession planning for May and Carter has allowed him more time to volunteer with Angel Flight. Angel Flight is a volunteer organization that recruits private pilots to fly medical patients to appointments. “After my kidney problem, I felt like I needed to give back,” said Johnny. “Angel Flight is a great way to help people that are in need of transportation fairly quickly.” Johnny recalled flying a husband and wife home to see their family after the husband’s treatment for a brain tumor, and another flight where he transported a father and his severely burned 6-year-old child to the hospital to receive medical treatment.

Angel Flight is one of many ways the Carters give back to others. The family has built relationships within Jackson. Both Johnny and John have been involved in Rotary Club®, and both have served on the local boards of the American Heart Association® and the

Boy Scouts of America®. They also support the Butts County school system. Their donation to the district helped provide new marching band uniforms, and sent an entire scholastic team to a competition. Most recently, their donation was used toward a scholarship for a student planning to go into the medical field.

“We feel like the future of the community is in the hands of the next generation of leaders and workforce. Giving to the community and giving to the schools—we hope we can keep the local talent,” said John. “Whatever we can do to recruit, promote, and educate that younger generation is beneficial to us.”

Federated has had the privilege to play a role in Johnny’s recovery, his company, and its future. “The time I had the kidney problem, I was able to focus on my health rather than the medical bills,” said Johnny as he explained how thankful he was for his group health coverage.

John agreed. “Our business is built around relationships. Our industry is built around relationships. Federated is committed to the oil and gasoline business. Federated is not a vendor to us or just a bill to pay—they are a partner.”

When thinking about his legacy and the future of the family business, Johnny reflected, “I would like to know that I contributed something to the community and helped my customers to succeed in business. It is rewarding to have my son take over May and Carter. He’ll do a good job with it.”

After my kidney problem, I felt like I needed to give back.

John Carter and Johnny Carter

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Sippin Energy Products, the oldest company in Monroe, Connecticut, was founded on relationships and partnerships of trust. Gary and Dave Sippin’s grandfather, a Russian immigrant, settled in the hills of Monroe and began Sippin Brothers Oil Company in 1919, delivering coal, gasoline, and kerosene to neighboring farms.

“Trust is of paramount importance to our business,” said Gary, co-owner and one of three brothers in the third generation at Sippin Brothers Oil Company. “Family energy businesses have built their reputations on trust. We literally have the keys and alarm codes to hundreds of homes. How many other businesses have that privilege?”

The business has seen longevity of not only their employees but also their customer base. “The fact that someone has been with us for 20, 30, even 40 years tells us that we are doing something right,” said Dave.

Sippin’s spirit of partnership makes an impact far past their clients and employees. For generations, Sippin Energy Products and the Sippin family have been committed to supporting their community and charitable causes. As a way to give back to their customers and community, Sippin Brothers created a loyalty rewards program, which is redeemable on their own products or services, at other area businesses, or applied toward a designated charity.

“We had cancer and leukemia hit home here. Twenty years ago, we lost a technician and a customer service agent within a week of each other,” said Gary. “That was a troubling time for us. As a small company, it had a very big impact.” The American Cancer Society® and the Leukemia and Lymphoma Society® are just two of the designated charities receiving funds through Sippin’s loyalty rewards program, turning that big impact into positive ripples.

“Adaptability is the main focus of our company,” said Gary. “Going back to the beginning, had we not adapted we would not be sitting here today.” Sippin has evolved its energy resources throughout the decades as well as improved its risk management practices.

“Every company that has survived nearly a century has gone through some frightening moments, where you look back at the ‘would’ve,’ ‘could’ve,’ ‘should’ve’ list. What could I have done to prevent this from happening?” said Gary. “Working with a progressive company like Federated allows us to look at our business through the windshield instead of the rear view mirror. That is the difference.”

Generations of Giving

For generations, Sippin Energy Products has been committed

to supporting their community and charitable causes.

Gary Sippin and Dave Sippin

1110

Jumping on BoardThe phone rang and Smith Engineering answered. The caller, from an organization called Mercy Ships, requested a water

treatment system for a project aboard a new ship. “We approached it like any other project we get,” said Bob Lucas, Smith Engineering

vice president of operations. “We didn’t know what Mercy Ships® was all about—they were just another potential customer for us.” The

team began to design and quote a water system to provide purified water to six surgical suites and laboratories aboard the ship.

Smith Engineering Inc., whose largest source of clients is in the biomedical industry, was very familiar with water treatment systems that do what was requested—sterilize and disinfect surgical instruments and provide water to clean surgical suites.

One afternoon, however, Bob discovered a video link included in the e-mail signature of a Mercy Ships employee. After watching the video, the water treatment system project took on a whole new level of significance. The video highlighted the impact of Mercy Ships as they visit ports in impoverished countries. “That’s when the project changed for me. I can’t even explain what I felt after I watched the video. I spent the rest of the day bringing employees into my office to watch it,” said Bob. “I’ve seen that video a hundred times and it impacts me the same as it did the first time I saw it.”

Smith Engineering decided to raise the $180,000 necessary to cover the ship’s water treatment system. They developed a fundraising website to help tell the story, and through the support of many, nearly $50,000 of the total cost has been pledged to-date. Donations have been received

from customers, employees, family members, and vendors including their Federated marketing representative, Tim Backlund, who utilized his Federated employee gift match to increase his donation.

Mercy Ships is an international, non-profit medical care organization that focuses on helping people in developing countries get medical care. Services provided range from maxillofacial surgery to remove benign tumors due to poor dental hygiene, to cleft palate repair and cataract surgery. Mercy Ships also trains local medical personnel in the ports they visit so when the ship pulls up anchor and leaves, there is a lasting impact. “Unlike another charity, where we might just make a cash donation, we are able to provide our expertise as our donation. This is a unique opportunity and that’s why we’ve taken it,” said Bob.

Tom Devereux, president and sales engineer, explained Smith Engineering’s approach for taking care of their customers, regardless of the scope or intent of the project. “We try to make our water systems a true utility. Being good at crafting what we do translates to the customer.” Bob agreed. “We know our customers feel they are well taken care of. As a supplier to our insurance needs, Federated fits that mentality. If we have insurance issues, they take care of us. We just fit together.”

Unlike another charity, where we might just make a cash donation,

we are able to provide our expertise as our donation.

The Africa Mercy® is the world’s largest private hospital ship staffed by 400 volunteers from 40 nations. It has five state-of-the-art operating rooms and ward bed space for 80 patients. ©Mercy Ships

Mercy Ships volunteer Nurse Anne McClary cares for Tinah on board the Africa Mercy.

©Mercy Ships / credit: Ruben Plomp

Tom Devereux and Bob Lucas

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Through donations of money, time, and talent, Federated Insurance invests in the communities in which our employees live and work.

We Value: Owatonna, MinnesotaFederated Insurance has called Owatonna, Minnesota, its home since 1910. We invest in our Owatonna community by donating to organizations like the Owatonna Foundation, Chamber of Commerce, arts and theater, recreation, healthcare, education, and local non-profits. A healthy, thriving community creates a positive impact on all citizens. It is imperative that we ensure a positive quality of life for both present and future generations.

We Value: The Next GenerationMentoring is deeply ingrained in our business culture and has rippled its way into the lives of many Federated employees. Federated Insurance continues to host and coordinate the annual Federated Challenge® for Kids of Minnesota. This two-day event features a black-tie gala and golf tournament to raise funds for Minnesota’s three domiciled Big Brothers Big Sisters® agencies. Big Brothers Big Sisters provides children facing adversity strong and enduring, one-to-one mentor relationships, changing lives for the better, forever. The Federated Challenge is successful because of the work of more than 100 Federated employee volunteers and funding from more than 50 corporate and private citizen sponsors. The 12th annual event in 2016 raised $2,610,000, bringing the total amount raised since 2005 to nearly $30 million.

Hundreds of employees volunteer their time annually to mentor and teach our youth. Some teach financial literacy in the classroom through Junior Achievement®, others work with eMentors to provide career guidance via e-mail, still others become a child’s friend and mentor through Big Brothers Big Sisters. Information Services employees volunteer to teach “scratch programming” at the local grade schools to introduce students to technical and analytical skills. Regardless of the form that mentoring takes, Federated and its employees invest in the Next Generation.

We Value: Our NeighborsYear after year, employees consistently show their support to their local United Way® with pledges and in-house fundraising activities. Through a record-breaking $301,000 in donations and an 82 percent participation rate in 2016, Federated Insurance and its employees demonstrated their desire to be part of something bigger. In the last 10 years, Federated Insurance and its employees have donated $2.8 million to United Way chapters across the country.

A few examples of employee involvement include the coordination of an annual food drive to bring awareness to the needs in our community while providing funds and supplies to our local food shelf. In 2016, employee donations, along with corporate support, raised $31,000 for the Steele County Food Shelf. In addition to local support, Owatonna employees volunteered at the Feed My Starving Children® mobile pack to help package meals for malnourished children in 70 countries. The employees in the Phoenix office held a water bottle drive during the hot summer months and donated them to The Salvation Army® to give to the homeless in their area.

What We Value is Where the Ripple Starts

Federated Challenge co-chairs, Marty and Jeff Fetters, with Executive Directors – Big Brothers Big Sisters

(pictured middle: left to right)

Jackie Scholl Johnson – Central MinnesotaMichelle Redman – Southern Minnesota

Michael Goar – Greater Twin Cities

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We Value: Those Who ServeIn appreciation of the time, commitment, and sacrifice our

military personnel exhibit, Federated Insurance supports these men and women and their families through Minnesotans’ Military

Appreciation Fund and the Say Thanks Day run. In addition, Federated employees across the country wrote cards of thanks to

our military during the holidays.

We Value: Making it Home SafelyThe Please Make it Home Safe Today Distracted Driving Initiative was rolled out to every property and casualty client in 2016. The message went beyond our clients and flowed through the state of Minnesota, our local community, our schools, and employees’ homes.

The Minnesota Department of Public Safety and more than 30 business leaders, including our own Chairman, President and CEO Jeff Fetters, came together to take a stand against the epidemic of distracted driving during an April press conference. They urged the public to remember that loved ones would be devastated if they did not make it home. “No text, no call, no distraction is more important than the people that love you.”

A state trooper noted, “We can’t enforce our way out of this problem.” Preliminary numbers for 2016 showed that 400 families had an officer come to their door and devastatingly change the path of their family from that point forward.

We rallied around these words from our Chairman: “What’s the most important text you ever received…or the most important text you ever sent? Was it worth dying for? Was it worth killing for? Please make it home safe today.”

We Value: Giving BackThrough the Employee Gift Matching Program, Federated matched $66,000 of employee contributions to non-profits around the country, doubling the power of each dollar given by employees. Employee contributions up to $250 to qualifying organizations are eligible for a corporate match.

Ryan Kennett, Federated Insurance marketing representative in Philadelphia, rallied his colleagues and friends around a cause that is near and dear to his heart, the Jordan Baumeister Scholarship Fund. Jordan was a very close friend of Ryan’s. They both wrestled on the varsity team all four years in high school. Jordan was diagnosed with cancer at the age of 19, fought it into remission twice, but lost his battle at 25. Ryan and others from his former high school started the scholarship in Jordan’s honor. One fundraising event is an annual golf tournament. Ryan’s district marketing manager and fellow marketers not only participated to show their support, they all used the Employee Gift Matching program to add an additional $1,300 to the total amount raised in 2016!

In 2016, almost $2 million was donated to 200 non-profit organizations and higher education institutions across the U.S.

Our value is measured by the success of

the communities in which we live and work.

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Turning Adversity to BlessingsIn the fall of 2015, Anthony Lindsay, an IS systems developer IV at Federated’s home office, noticed a bump on the roof of his mouth.

Although not fazed by it initially, Anthony grew more anxious as he awaited test results from the University of Minnesota®. Anthony’s

fears were realized when the results came back positive for non-Hodgkin’s lymphoma.

“That was a complete shock,” said Anthony. “I couldn’t process anything right away.” Kari Lindsay, Anthony’s wife, agreed, and her emotion was immediate as she thought about their son Nathan. “We didn’t know if Anthony was going to be around to see our little guy grow up.”

“It was a terrifying experience,” said Anthony, who underwent a two-week radiation program. During each 20-minute treatment, a mask held his face still to allow radiation to target the lump as scans and noises emanated from a large machine. “Some of our bigger challenges happened after the radiation, because he reacted very badly,” said Kari. Anthony explained further, “It was about five days of not being able to eat and a couple days when I could barely get water down.”

March 2016 brought an “all-clear,” but 2016 as a whole proved to be a difficult year for the Lindsay family with Anthony’s cancer and the cancer diagnosis of three close family members, one of whom passed away in July. “We wanted to do something to make a difference and try to help people going through cancer. It is so tough,” said Kari.

Kari contacted Anthony’s radiation oncology nurse for ideas on items radiology patients could use. She got suggestions from lotion to lemon candy, word find puzzles to convenience store gift cards. From there

the Lindsays decided to create “blessing bags” full of items patients would appreciate and use. They reached out to family, friends, and co-workers for support. “Our goal was 20 bags. We ended up getting 55 bags sponsored,” said Kari.

“The generosity from people at Federated blew me away. It was unreal how many people donated and stepped up to support the cause,” said Anthony.

In the fall of 2016, Nathan, who was nearly two years old, pulled a yellow garden wagon piled with blessing bags down the halls of Mayo Clinic to the radiation department. There, the family was informed they would be delivering the first blessing bag to Bea, a new patient who was about to undergo a rather rigorous course of radiation.

“I was completely unprepared for that,” said Anthony. “I was ready to drop the bags off and have a nice chat with the nurse and be on our way.”

Instead, Nathan presented a bag to Bea. “He has such a great smile. We knew he could serve as a bright spot in this lady’s day,” said Kari. “This whole story started with something that was so devastatingly scary, but we were able to turn it into a positive.”

We wanted to do something to make a difference

and try to help people going through cancer.

Kari, Nathan, and Anthony Lindsay

Consolidated Balance Sheetsin thousands

2016 2015

Bonds 5,271,837 5,177,948

Stocks 449,290 338,992

Other invested assets 650,995 427,688

Premiums and other receivables 511,492 469,174

Other assets 241,074 211,553

Total Assets 7,124,687 6,625,355

Loss and LAE reserves 1,627,220 1,539,607

Life insurance policy reserves 1,367,816 1,273,071

Unearned premium reserve 548,704 495,126

Underwriting expense reserve 398,817 371,129

Other liabilities 91,029 83,997

Policyholders’ surplus 3,091,101 2,862,425

Total Liabilities and Policyholders’ Surplus 7,124,687 6,625,355

Financial Information

$0 $200 $400 $600 $800 $1,000| | | | | |

Premium In Force Reaches All-Time High Across All Three Lines in 2016

P&C Premium

Group Health Premium

Life & D.I. Premium

$1,122$486

$170

in millions

The Consolidated Balance Sheets include the following Companies*: Federated Mutual Insurance Company**, Federated Service Insurance Company**, Federated Reserve Insurance Company*, Federated Life Insurance Company**, and Federated Development Corporation and its Subsidiaries. Primary Source Insurance Agency, a wholly owned subsidiary, is not included. *All Companies not licensed in all states. **Rated A+ (Superior) by A.M. Best®.

Consolidated Statements of Income and Surplus Change

in thousands

2016 2015

Premiums 1,766,220 1,596,722

Investment income and realized capital gains

286,232 264,308

Other income 9 ,065 7,324

Losses, policyholder benefits, and loss adjustment expenses

(1,276,914) (1,127,034)

Operating expenses (446,692) (420,591)

Policyholder dividends (5,012) (4,976)

Federal taxes (105,033) (84,784)

Net Income 227,865 230,968

Unrealized capital gains 18,114 (19,027)

Deferred federal taxes 8,938 11,375

Other surplus changes (26,241) (17,988)

Surplus Change 228,676 205,328

2011 2012 2013 2014 2015 2016

$7 billion

$6 billion

$5 billion

$4 billion

$3 billion

$2 billion

$1 billion

$2.2$2.4

$2.5$2.7

$2.9$3.1

$4.7$4.9

$5.3

$5.6

$5.9

$6.4

$5.2

$5.5

$5.9

$6.2

$6.6

$7.1

Positive Trends Continued in 2016(numbers rounded to nearest $100 million) Total Assets

Total Invested Assets

Policyholders’ Surplus

0

1918

Board of Directors

Lester H. KillebrewChairman • SunSouth, LLCAbbeville, AL

David P. FrameOwner • Bob Frame Plumbing & Heating, Inc.South Bend, IN

James H. Lipscomb IIIOwner • Lipscomb Oil Company, Inc.Greenville, MS

Paul F. DröherExecutive Vice President – Chief Financial Officer and Treasurer Federated InsuranceOwatonna, MN

Jeffrey E. FettersChairman, President and CEO • Federated InsuranceOwatonna, MN

James R. GieslerPresident and Chairman • Central Lumber Sales, Inc.Lincoln, NE

David M. AdcoxPresident and CEO • Highland CorporationHohenwald, TN

John P. McEleneyOwner • McEleney Chevrolet-Buick-GMC-ToyotaFulton, IL

Sarah B. PersonPresident and Owner • Exclusively DiamondsMankato, MN

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Executive Staff

SeatedMichael G. KerrExecutive Vice President – Chief Operating Officer

Jeffrey E. FettersChairman, President and CEO

Paul F. DröherExecutive Vice President – Chief Financial Officer and Treasurer

StandingBecky J. DawleySenior Vice President – Director of Information Services

Jonathan R. Hanson JDSenior Vice President – General Counsel

Patric K. CooperExecutive Vice President – Director of Communications and Corporate Support

James A. Thon CLU, ChFCExecutive Vice President – Director of Insurance Operations

Sean G. PickSenior Vice President – Director of Insurance Operations

Mark D. Heyne FCASSenior Vice President – Director of Insurance Operations

Mark D. ScharmerExecutive Vice President – Director of Insurance Operations

Michael N. Keller CPA, CCM, AIAFSenior Vice President – Director of Finance

Elizabeth A. HylandSenior Vice President – Director of Human Resources

2322

Leadership Team

Front row, left to right: Shelby Zempel, Lisa Hyland, Jeanne Hankerson, Tim Luy, Jeff Fetters, Mike Kerr, Misty Gassett, and Jane Jasper Krumrie.

Second row, left to right: Becky Dawley, Travis Hoaglund, Jim Meyer, Doyle Johnson, Tom Berg, Erik Plantenberg, Brian Bentley, Toni Webster, and Wes Watts.

Third row, left to right: Nicole Schulz, Martha Kearin, Gwen Lysne, Julie Rethemeier, Bob Rinaldi, Jane Rolloff, Mark Heyne, Mark Hood, Bridget Lawler, Scott Goodew, and Dave Broin.

Fourth row, left to right: Mike Keller, Donna Ennis, Kelly Tellijohn, Dave Szymanski, Stewart Van Duzer, Pat Cooper, Mike Pennington, Ken Whittington, Arla Kretlow, Jim Thon, Paul Smith, Dave Bostrom, Mark Scharmer, Tom Peterson, Chris Wall, and Nate Oland.

Fifth row, left to right: Jon Hanson, Paul Dröher, Jeff Mount, Ted Leon, Nick Lower, Scott Haglund, John Thompson, Dave Bucher, Dan Madden, Sean Pick, and Dean Rhoades.

2524

Create A Ripple.