# SFM - The Work Comp Experts

> SFM Mutual Insurance Company is a customer-owned, workers' compensation-only insurer headquartered in Bloomington, Minnesota. It combines insurance coverage with safety consulting, claims administration, medical and vocational coordination, legal support and digital tools, serving more than 35,000 employers in its voluntary book across 34 states and more than 50,000 policyholders when assigned-risk business is included.

- **Founded:** 1983
- **Headquarters:** Bloomington, United States
- **Team size:** Approximately 340 employees (provided company-data estimate); the company says it grew from eight original employees.
- **Products:** Workers' compensation insurance, Claims and disability management, Injury prevention and safety consulting, SFM Risk Solutions, CompOnline
- **Notable:** Became Minnesota's largest workers' compensation insurer by 1991., Repaid its $5.7 million state start-up capitalization with 8% interest in 1997, 16 years early., Surpassed $1 billion in assets by 2025.

## Products & services

- **Workers' compensation insurance** — Monoline workers' compensation coverage for employers of different sizes and industries, written from core Midwestern markets with covered operations across 34 states.
- **Claims and disability management** — Injury intake, investigation, benefit administration, medical coordination and return-to-work support for employers and injured workers.
- **Injury prevention and safety consulting** — Hazard identification, loss analysis, safety-program guidance, training and industry-specific resources intended to reduce workplace injuries.
- **SFM Risk Solutions** — Third-party workers' compensation administration for self-insured employers and self-insured groups in Minnesota, Wisconsin and Iowa.
- **CompOnline** — A policyholder risk-management portal for reporting injuries, tracking claims, viewing reserve alerts, analyzing loss trends and exporting data.
- **Claim Connection and Provider Connection** — Digital access for injured workers to claim and payment information, and for medical providers to billing, status and prior-authorization workflows.
- **CompRehab** — Vocational rehabilitation and return-to-work services for injured employees.
- **Schmidt, Scharfenberg & Hollick** — An in-house law firm representing SFM policyholders in workers' compensation litigation.
- **Superior Point and assigned-risk servicing** — Servicing for Minnesota's Workers' Compensation Assigned Risk Plan and a portion of Wisconsin's assigned-risk pool.

## Achievements

- Became Minnesota's largest workers' compensation insurer by 1991.
- Repaid its $5.7 million state start-up capitalization with 8% interest in 1997, 16 years early.
- Surpassed $1 billion in assets by 2025.
- Recorded a combined ratio below 100 for 14 consecutive years through 2025.
- Reported 93% policyholder retention in 2025 and 95.5% in 2024.
- AM Best reaffirmed an A- (Excellent) Financial Strength Rating with a stable outlook in April 2026.
- Ranked No. 8 among midsize employers in the Star Tribune's 2024 Top 200 Workplaces in Minnesota.
- SFM Foundation scholarship awards reached $5.25 million in the company's current history materials.

## Latest updates

- **2026-06** — SFM announced that CEO Terry Miller will retire in January 2027 and named Executive Vice President Amanda Aponte president-elect; Ben Sorensen became CFO.
- **2026-04** — AM Best affirmed SFM's A- Financial Strength Rating and a- Long-Term Issuer Credit Rating, both with stable outlooks.
- **2026-04** — SFM began publishing a five-part recap of its SFM Difference webinar, covering company history, partnership, claims philosophy, premium audit and its medical-team model.
- **2026-01** — SFM reported 2025 total written premium just over $253 million, $28.4 million in new business premium, 6,071 new policyholders and 93% retention.
- **2025-04** — SFM said it hired Dr. Andrew Wilkins as chief medical director to support complex claims and address rising medical severity.
- **2025-04** — The company reported 2024 written premium of $272 million, 95.5% retention and more than 300 former policyholders returning.

## Links

- Website: https://www.sfmic.com/
- LinkedIn: https://www.linkedin.com/company/sfm-mutual-insurance-company
- Twitter/X: https://twitter.com/workcompxperts
- YouTube: https://www.youtube.com/sfmcompanies
- Instagram: https://instagram.com/sfmtheworkcompexperts
- Facebook: https://www.facebook.com/sfmmutual

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Last updated: 2026-08-13