Company Profile
Company Overview
About 1848 Ventures, LLC
1848 Ventures was established in Jan 2018 to expand Westfield Insurance’s business portfolio by developing new products and business models beyond conventional P&C insurance by understanding and addressing the broader risks that customers face. The efforts of 1848 Ventures complement the innovation opportunities that are championed by the insurance operations to evolve or advance the capabilities of the P&C insurance business.
1848 Ventures delivers tangible customer growth and financial results to the enterprise by developing and monetizing a portfolio of innovations that include new products and/or business models designed to meet customers’ risk-related needs. These innovations may or may not be traditional insurance products, but will be consistent with Westfield’s brand and reinforce the company’s right to win in a given market. Additionally, 1848 Ventures contributes to Westfield’s vision and corporate goals.
1848 Ventures acquires the capabilities necessary to develop, nurture and monetize customer-focused innovations. Three capabilities essential to pursuing innovation opportunities: customer-based insight, innovation ecosystem engagement, and partnership development. 1848 Ventures operates independently, but maintains appropriate linkages to the insurance operations and leverages Westfield’s strengths and assets, as appropriate, to strengthen the success of individual ventures.
The 1848 Ventures team is new, small and agile, and we are actively recruiting for multiple roles. The team is highly collaborative and flexible – pitching in on many questions, projects and tasks that extend beyond individual’s roles for the greater success of the team. Westfield’s Chief Innovation and Strategy Officer is accountable for 1848 Ventures, works closely with Westfield’s CEO and CMO on investment decisions, and provides regular updates to Westfield’s Board.
1848 Ventures is located at Westfield’s corporate office in Westfield Center, Ohio, and team members will have access to the benefits offered by Westfield. Westfield offers a Total Rewards program that focuses on compensation, benefits and wellness, and includes perks like 401(k), pension plan, annual incentive, education reimbursement, flex-time, onsite fitness center and casual dress. Work-life balance, recognition, and learning and career development are all part of a rewarding career with Westfield.
About Westfield
Westfield provides commercial and personal insurance in 21 states and surety services to customers in all 50 states including the District of Columbia, through a network of more than 1,000 leading independent insurance agencies. Westfield Insurance has over $5 billion in consolidated assets and $1.8 billion in written premium. Westfield is the largest writer of contract performance bonds in Ohio, and among the top writers of farm insurance in the United States.
Westfield's corporate office is located in Northeast Ohio, in the town of Westfield Center. Westfield Center is part of the "Cleveland Plus" region which includes Cleveland, Akron, Canton and Youngstown, the 12th largest region in the U.S. and home to over 4 million residents. Westfield is one of the largest private companies in Ohio and the largest employer in Medina County. Westfield was founded in 1848 and has been in business for 170 years. Westfield is rated "A" (Excellent) for financial strength by A.M. Best, and has had an "A" or higher rating for the past 83 years.
Westfield’s mission is to enable the peace of mind and financial stability of our customers. Westfield is guided by its core values which are: knowledge, trust, integrity, respect and stewardship. The company’s vision is to be admired as a leading personal and commercial lines property-casualty insurance company enabled by an exceptional team known for experience and caring. Westfield will be distinguished by excellence in commercial insurance, and customers will choose us for our insight about risk and the value that is delivered.
Company History
Before cars and airplanes.
Before electricity and the telephone.
Before television and technology.
Long before us – and even your parents.
Before all of this, our company was writing policies and serving customers with a level of trust and respect that remains the hallmark of how we conduct our business today.
Our company has journeyed down a long road since a small group of Ohio farmers joined together to form an insurance company to protect their property. Initially known as The Farmers Mutual Fire Insurance Company of Medina County, the name was changed three years later in 1851 to Ohio Farmers Mutual Fire Insurance Company. The Company evolved to be what is undoubtedly the quiet but trusted Midwestern staple of insurance over the past 150 years – Ohio Farmers Insurance Company.