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Pharmacist Turned Insurer

Following a fire that destroyed his drug store in 1902, Albert Falkenhaier learned firsthand about the difficulties druggists experienced related to securing insurance - loss settlement practices and high premiums. Rebuilding his drug store included more than just the bricks, mortar, and restocking the shelves; Falkenhaier also chartered a mutual insurance company, which would offer policies to pharmacists.

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Founded in 1895, the National Association of Mutual Insurance Companies (NAMIC) is a full-service national trade association serving the property/casualty insurance industry with more than 1,400 member companies that underwrite more than 40 percent of the property/casualty insurance premium in the United States. NAMIC members are small farm mutual companies, state and regional insurance companies, risk retention groups, national writers, reinsurance companies, and international insurance giants. Together, we are NAMIC.

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