Federated Mutual Insurance Chair Al Annexstad to Retire
Al Annexstad, who has served as chairman of Owatonna-based Federated Mutual Insurance Company since 2000, has decided to step down from that position on November 30, the company announced Friday.
Annexstad, who also served as the company’s CEO until 2009, will continue to serve as a member of the company’s board of directors.
Federated said that it will announce Annexstad’s successor and other leadership changes within the company at a later date.
Annexstad’s career with Federated dates back to 1965, when he joined as a marketing representative. After a series of promotions, he became the company’s director of marketing and vice president in 1986. He held a number of senior executive positions before being appointed CEO in 1999.
During his 10-year tenure as CEO, Federated’s assets grew by nearly 80 percent from $2.9 billion to $5.2 billion, the company said. Meanwhile, its surplus—the amount by which assets exceeds liabilities—more than doubled from $900 million to more than $2.2 billion during the period. Annexstad also transformed the company from a regional insurer to one with a national presence.
“This decision to retire is one that represents a logical next step in the leadership succession planning process that I have long set forth for the Federated organization,” Annexstad said in a statement. “First and foremost, we established the clear objective of putting Federated in a position of unprecedented financial strength. To me, this remains a chairman’s ultimate charge. Today, Federated is in the best financial shape in its 108-year history.”
In 2010, Annexstad was named one of Twin Cities Business’ “200 Minnesotans You Should Know.” He was inducted into the Minnesota Business Hall of Fame in 2006.
Federated offers property and casualty, health, and life insurance to companies across the country. It is among Minnesota’s 25-largest property and casualty insurers based on premiums written in the state.