News and Events

Federated Chairman Is Horatio Alger Award Recipient

December 16, 2009


OWATONNA — The Horatio Alger Association of Distinguished Americans has announced that Albert T. Annexstad, chairman of the Owatonna-based Federated Insurance Companies, will be among the 11 recipients of the 2010 Horatio Alger Award.

The award is given annually to persons who have overcome great adversity and humble beginnings to achieve the American Dream and to offer their time and resources to help others in need. It is named after Horatio Alger Jr., the popular 19th-century American author who wrote novels about impoverished children who rose from humble backgrounds to great success through hard work, courage, determination and concern for others.

“I am deeply humbled by this honor,” Annexstad said of the award. “The Horatio Alger Association’s longstanding belief in the American Dream is reflected in the inspiring life stories of some very special Americans who have given much to preserve our cherished way of life. I share this award with my hometown of St. Peter whose town folk looked after me in my youth. I share this honor with my family and friends and the good people in Owatonna. And I share this honor with Federated employees, past and present, who embrace my belief that our country is truly one of unlimited opportunity for those who wish to grasp it.”

Among the other recipients of the 2010 honor will be former Secretary of State Condoleezza Rice and former Commander-in-Chief of U.S. Central Command Gen. Tommy Franks. Past recipients of the honor include former presidents Dwight Eisenhower, Gerald Ford and Ronald Reagan; Supreme Court Justice Clarence Thomas; former secretaries of state Henry Kissinger and Colin Powell; baseball hall-of-famer Henry Aaron; broadcasters Tom Brokaw and Paul Harvey, and television host and philanthropist Oprah Winfrey.

When Annexstad  is formally inducted into the association in Washington, D.C., on April 9, 2010, he will become just the 10th Minnesotan to be given the honor in the association’s 62-year history.

“We are delighted to induct these individuals into the Horatio Alger Association and to honor their stories of success in the face of significant struggle,” said David L. Sokol, president and CEO of the Horatio Alger Association, in a statement released by the association. “We believe that adversity builds character, and Mr. Annexstad’s story is no exception. His life story of strength, resolve and achievement is commendable, and he will help fulfill our mission of helping other young people realize similar success.”

The youngest of four children, Annexstad was born on a small dairy farm near St. Peter in 1940. When he was 5 years old, his father died unexpectedly. Annexstad attributes much of his success to his mother, whose sacrifice and fortitude to raise the family alone, he said, made a lasting impression on him.

Annexstad attended public schools and worked in his off hours to help his mother with expenses. He worked his way through Minnesota State University with multiple jobs, and in his senior year began his Federated Insurance career as a sales representative in his hometown of St. Peter. Within three years, he was promoted to district marketing manager.

Annexstad has had an uninterrupted 45-year career with Federated. During his leadership tenure, he has positioned Federated as one of the nation’s largest and most financially secure mutual, multiple-line insurance companies.

Annexstad has received many lifetime honors including membership induction into the Minnesota Business Hall of Fame and Minnesota Business Partnership’s Lifetime Achievement Award for his service to young people; induction into Ernst & Young’s National Business Hall of Fame; Minnesota State University’s Distinguished Alumnus Award, the institution’s highest honor; and an honorary doctorate degree from Gustavus Adolphus College.

Founded in 1947, the Horatio Alger Association of Distinguished Americans has, as its announced mission, to honor the achievements of outstanding individuals in our society who have succeeded in spite of adversity and of encouraging young people to pursue their dreams through higher education. The association awards nearly $7 million annually in college scholarships and has given more than $70 million to students since 1984.

According to the association’s Web site, the select few who have been honored with the Horatio Alger Award are “dedicated community leaders who demonstrate individual initiative and a commitment to excellence, as exemplified by remarkable achievements accomplished through honesty, hard work, self-reliance and perseverance over adversity. All potential Members must have a strong commitment to assisting those less fortunate than themselves and be willing to contribute to the mission of providing scholarships for younger generations.”

Annexstad’s support of youth mentoring programs is well known. In 2004, he was awarded the Connecting with Youth Lifetime Achievement Award from the Minnesota Business Partnership for his leadership and support of Big Brothers Big Sisters and other organizations that support youth mentoring. The award was presented to him by Minnesota Gov. Tim Pawlenty.

The Annexstad Family Foundation also provides scholarships to former “Littles” in the Big Brother Big Sister program to attend several of Minnesota’s and the nation’s most prestigious colleges and universities.

This year, the fifth annual Federated Challenge for Kids of Minnesota raised more than $3 million to support youth mentoring programs. The event, hosted by Federated Insurance and Annexstad and his wife, Cathy, supports youth mentoring for Minnesota’s at-risk children who are served by Big Brothers Big Sisters. Since the charity event was initiated in 2005, it has raised nearly $10 million.
Story by: Jeffrey Jackson -- Used with Permission from the Owatonna People’s Press.