Red River Mutual’s 79th AGM: Last Year’s Results and Our Focus Moving Forward
On June 23, 2020 Red River Mutual held its 79th Annual General Meeting and for the first time in our company’s history the meeting was held virtually. The AGM recapped the past year’s financial results, some changes to the Board of Directors, and our company focus moving forward.
Overall, the 2019 financial results of the company were positive — insurance operation and investment portfolios performed well. Once again, we received an A- Excellent Financial Strength Rating from AM Best Company, the primary rating agency for the insurance industry.
“The rating speaks to the ability of our company to meet its financial obligations going forward, and considers our risk management, strategic direction, and ability to remain viable in the Canadian marketplace,” said Brian Esau, President & CEO.
We are also pleased to announce that after a vote, two members were officially added to our Board of Directors — Priti Meta-Shah and incumbent Garth Reimer — who filled two of the three vacant positions on the Board. Since the AGM took place, Beth Bell has also been appointed to the Board.
In March, the COVID-19 pandemic caused us to make some unexpected changes to our business, but we were ready to do so. Over the last number of years, we’ve been upgrading our computer systems and technology to provide for stronger recovery capabilities, for better remote working environments, and to ensure continued business in the event of a crisis such as COVID-19.
As a result of our preparedness on the technology front and proactiveness to equip and protect our staff during the pandemic, we have been able to stabilize with modest disruption during this time.
“It is to the credit of our entire Red River Mutual team that we are not only in a sustainable mode, but we are able to thrive and take on strategic initiatives temporarily put on hold due to the pandemic,” said Esau.
We are finding a way to navigate a new normal and we hope to keep moving forward with a new rhythm by fall of this year.
Having an insurance policy with Red River Mutual means you are a member eligible to participate in our Annual General Meeting and as a policyholder you also have member voting rights. We encourage all members to attend our Annual General Meeting in 2021.