Throwback Thursday: NFU turns 60
Insurance Post’s Throwback Thursday steps back in time to February 1971 to remind you what was going on this week in insurance history when NFU Mutual was celebrating 60 years insuring farmers.
11 February 1971: NFU celebrates 60 years
Starting with practically no capital in 1910, Post reported the National Farmers’ Union Mutual had grown in 60 years to a business with assets of £65m and an income of £21m.
To celebrate its 60th anniversary, the society issued a 24-page booklet describing how its founders were seven tenant farmers who met in Stratford in 1909 and decided to embark on insurance for farmers.
In 1923, it extended its operations into Scotland and in 1930 branched out into Ulster.
In 1971, it boasted a “data processing system” of an IBM System 360 Model 30.
NFU Mutual has now grown to become a UK-wide organisation, turning over £1bn annually.
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