NFU Mutual (NFUM) is a UK insurance composite, its directors and executives are directly answerable to customers/policyholders (who own the business) for conduct of business as NFUM is and mutual and so has no shareholders to hold it to account. The full name of the organisation is National Farmers' Union Mutual Insurance Society Limited. The Financial Services Compensation Scheme covers protection for consumers should the business fail and be unable to meet its obligations. The business is authorised and regulated by the Financial Conduct Authority and the Prudential Regulation Authority, with complaints oversight available via the Financial Ombudsman Service. NFU Mutual Risk Management Services Limited are not regulated. Currently, headquarters are in the village of Tiddington, Warwickshire. History The Midlands Farmers' Mutual Insurance Society Ltd formed in 1910 by seven farmers in Warwickshire. John William Lowe was the first Chair. James Robertson Black was the first secretary. His farmhouse was the first office. In 1912 he became the inaugural Managing Director. He served the society for 42 years becoming vice-Chair in 1946, a post he held to his 1952 death. The first accounts (1911) show income of £311 and profit of £16. In 1919, premiums stood at £4,345 and profit at £1,825. As early as 1912, the farmers' union in Lincolnshire had approached the directors for advice about forming a mutual insurance company. They were advised to join the mutual in the Midlands that was already in existence. In 1919, the society became the official insurer of the National Farmers' Union (itself established in 1908) and changed its name to the one it bears now. Ralph Chisholm, joined the staff during this period and went on to be the first CEO. NFUM exploited the First World War's a rapid increase in the amount of land in cultivation, achieving a 50 per cent increase in income. In 1920, offices were established in Stratford-upon-Avon. One of the first directors was Sir Basil Brooke. He went on to be Prime Minister of Northern Ireland. In 1928, NFU Mutual successfully applied to the High Court to set up a life assurance business. In its first full year wrote more than £100,000 of sums assured. In 1928 the Mutual also set up its final-salary pension scheme for the benefit of its employees. By 1930, income from premiums had risen to just under £316,000 and the Mutual had eight branches. Mortgage loans from the business to