Despite another record-breaking year at Federated Insurance, Chairman Jeff Fetters assured everyone in attendance at the 120th annual policyholders meeting that the company’s “best years are clearly, clearly right in front of us.”
He gave those remarks as he pushed through powerful emotions, making it known that those best years yet to come will happen under new leadership — leadership he believes will be greater than ever before.
After nearly 45 years with Federated Insurance, 12 of which he served as chairman of the company, Fetters publicly announced Tuesday that he would be retiring at the end of the year.
“My decision to retire comes following a five-year succession planning process in which I worked with our distinguished Board of Directors to ensure that our executive staff is extremely well prepared to guide our organization into an even brighter future,” Fetters stated. “It is time for this next generation of leaders to take the reins. I am especially pleased to share that, at my strong recommendation, the Board of Directors of the Federated Insurance Companies has unanimously approved the appointment of Nicholas R. Lower to be the next Chairman of Federated Insurance. Nick will assume his new duties as Chairman, President and Chief Executive Officer upon my retirement.”
Lower will be the sixth chairman in Federated’s history, following in the footsteps of previous chairmen Charles I. Buxton, John A. Buxton, Charles I. Buxton II, Al Annexstad, and his immediate predecessor Jeffrey E. Fetters.
Lower is an Ohio native and Muskingum University graduate. He joined Federated in 1999 as a marketing representative and went on to serve in leadership roles in the organization’s marketing management, association risk management services, marketing incentives, and marketing administration departments. He became first vice president — director of marketing in June 2017 and senior vice president — director of insurance operations in December 2017. He was named executive vice president in 2019 and chief operating officer in 2021. Lower was then named president in 2023 and president — chief executive officer in January 2024. Lower and his wife, Jessica, reside in Owatonna with their sons Trent and Grant.
Together, the Lowers will assume the mantle of leadership for the Federated Challenge, the company’s largest charitable event supporting Big Brothers and Big Sisters, and carry forth Federated’s missions and directives in its headquarter city of Owatonna and across the country.
“Throughout his 25-year Federated career, Nick has overseen nearly all Federated functions, and has invaluable experience and insight into our operations and industry. He has a proven ability to develop others and innovate while remaining true to our values, culture, and mission,” Fetters said. “The Board of Directors and I have complete and total confidence that Nick will be an outstanding chairman and is well equipped to set forth the vision and steer our company to new heights.”
The legacy of Jeff Fetters
An Indiana native and Ball State University graduate, Fetters joined Federated Insurance as a marketing representative in Valparaiso, Indiana, in 1980. He went on to hold all marketing management positions prior to being appointed executive vice president director of insurance operations, chief operating officer and president, and then chief executive officer in 2009. He was appointed chairman of the board of the Federated Insurance Companies on Dec. 1, 2012.
Among his many professional achievements, Fetters is credited with redefining Federated’s mission statement, developing the organization’s next generation of executive leadership, steering the company toward profitable growth, and reaffirming Federated’s commitment to providing value through risk management and remaining an association member benefit.
“During his 12 years as Chairman, Jeff provided visionary leadership that drove Federated to achieve $2 billion in profitable property and casualty premium and has placed our organization in the best financial position of its 120-year history,” Federated’s Chief Financial Officer Mike Keller said.
Fetters and his late wife Marty served as co-chairs of the company’s annual fundraising event, the Federated Challenge, for more than a decade.
“Jeff and Marty’s passion for youth mentoring was the driving force for the event’s success each and every year,” said Julie Rethemeier, who retired as Federated’s Vice President — Director of Public Affairs and Advertising earlier in 2024. “Their steadfast belief in the Big Brothers Big Sisters® mission and results was infectious. They were positive role models who encouraged both Federated employees and Federated Challenge sponsors to get involved in mentoring our next generation. Their efforts had an undeniable impact and earned them many awards, while also pushing the Federated Challenge to become the largest private charity event in the state of Minnesota. Since its inception, the Federated Challenge has raised over $52 million for Big Brothers Sisters agencies in Minnesota and Big Brothers Big Sisters of America, which is truly inspiring.”
“I’ve had the privilege of working with CEOs across the globe for 42 years, and Jeff is arguably the best I’ve ever come across,” said Frank Harrison, Chairman and CEO of HolbornTM, a global reinsurance intermediary and long-time sponsor of the Federated Challenge. “While his success in leading Federated in terms of growth and profitability speaks for itself, what truly sets him apart in my eyes is his intelligence; his down-to-earth relatable nature; and his deep care for Federated, its employees, and its policyholders. A passion for risk management and preventing losses is in his DNA, and the work he and Marty have done on behalf of the Federated Challenge in addition to his daily responsibilities leading Federated is nothing short of extraordinary. He will long be remembered.”
Fetters has also been a strong advocate for enhanced infrastructure throughout Owatonna over the years. He was instrumental in the $22 million donation to help fund construction of the new Owatonna High School.
“Jeff has always instilled a strong sense of community pride in Federated’s Executive Staff,” President and CEO Nick Lower said. “He cares deeply for those in need, and his generosity extends beyond Federated’s impressive corporate giving, to his own personal volunteerism and financial support of causes that improve the quality of life in our community and across the nation.”
Fetters’ leadership stretched well outside the walls of Federated, as he was known for his ability to rally business leaders together in the name of progress for Owatonna.
“When you talk with Jeff Fetters it is crystal clear how he feels about the community of Owatonna. He absolutely loves the community and loves that Federated Insurance is headquartered here,” said Brad Meier, president of the Owatonna Area Chamber of Commerce and Tourism.
He added that Fetters worked directly with the Chamber to start hosting meetings with the local CEOs prior to the new Owatonna High School being approved. Out of those meetings, Meier said the business community started to rally around the need for a new school and developed a unified front for many important community topics.
“Jeff knew Owatonna needed to do a better job promoting itself. So he was the first to jump on the idea of a community-wide branding initiative and marketing campaign,” Meier said. “Not only as a financial supporter of the initiative, but also as a champion in talking with other business leaders about how important this initiative is for the future growth of the community.”
“Just look at how many ways Federated Insurance supports every program, every kids league, every initiative and you see the spirit of their leader Jeff Fetters,” Meier continued. “He is a giving person who cares about people.”
During the annual policyholders meeting, Fetters was overwhelmed not only with emotion of closing the chapter on his lifelong career, but with overt pride in the company he loves and the people leading the way.
“It has been an honor to lead Federated Insurance during this important time in our history,” Fetters said. “I have cherished every minute and consider myself incredibly blessed to have had a place among a remarkable, century-long tradition of strong leaders and exceptional employees. Having full confidence that this tradition will continue, I will retire with a peaceful heart and the comforting knowledge that Federated’s best years are right in front of us.”
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