Red River Mutual is losing one of its seasoned leaders.

Ray Loewen is stepping down as chairman of the board for the Altona based insurance company after nine years at the helm.

"It has been an incredible experience for me," said Loewen. "I've been able to see Red River grow from a $6.5 million company to a $100 million dollar company today. I'm going to miss the industry and the people but it just felt like the right time to move aside and let somebody else come in."

He became board chair in 2009 and has helped guide the company to record profits in 2016 and again in 2017. Ray Loewen

Loewen, who owns West Park Motors in Altona, got his first taste of the insurance industry when he joined up as a director for Red River in 1992. He recalls how the company's financial situation wasn't quite as rosy as it is today.

"There were some really lean years at that time. After attending my first board meeting in 1992 I realized the company was actually is some financial difficulty. Our premiums back then totalled about $6.5 million and then the flood of the century came along with all those sewer back-ups in basements. Red River ended up with $13 million in claims that year, and so the company wasn't doing that well financially."

Last year Red River Mutual registered a record $105-million dollars in gross premiums written which was the first time the company surpassed the $100 million mark and the second consecutive year of record growth.

"We've had two back to back years of record profits which has allowed us to put $20 million into retained earnings in the last two years, something that would normally have taken us five to seven years to do."

Those record profits come at an opportune time for Red River, according to Loewen. The board is investing a significant amount of funds in a new computer platform being adopted by many in the insurance industry that will help prepare the company for future growth.

Reflecting on his years on the board, Loewen said it's been an exciting time of growth and change for the company to the point where technology has become fundamental to conducting business in the insurance industry.

"The fun thing for me has been getting to know the people who come from all walks of life. Our board is very diverse and has been for many years and it's been a joy to get to know people and to learn and participate in another industry."

Board member Garth Reimer will succeed Loewen as chairman for Red River Mutual.