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Wayne Mutual Insurance Company was formed in 1910 as a mutual protective association by a group of Wayne County farmers.  These farmers wanted to insure their homes and barns “against loss by fire, lightning and storm.”  Known as the Wayne Insurance Association, the new organization required subscribers to have their buildings “well rodded with approved rods.”  Members were not charged a premium, but were assessed at the end of each year for an amount sufficient to cover whatever actual losses had occurred.  The first fire was on March 20, 1910, when the J.A. Lucas barn burned near West Salem, Ohio.  The company's first office was in the home of J. Stewart McCoy, a farmer living near Wooster, who was also one of the company's founders.  

In 1924, the company opened an office in the People's Federal Building in Wooster.  At that time, the company and management was assumed by J. Stewart McCoy's son, Grover.  At Grover McCoy's death in 1954, his son, James, became the third generation of the McCoy family to be involved with the company.  James was also a board member when, two years later, he died suddenly at the age of 42.  James' wife Louise continues to carry on the family tradition as a member of Wayne Mutual's board of directors, and James' grandson Matthew is an active Wayne Mutual agent.  Thus, the McCoy family has been closely involved with Wayne Mutual through five generations spanning almost 90 years.

In 1949, when Grover McCoy became ill, management of the company was entrusted to D.M. Langell, an association board member.  In 1952, the company moved from its offices in the People's Federal Building to a converted home at 220 N. Market Street in Wooster.  This building was relocated two blocks north to a vacant lot behind Hothem Realty in 2000. 

In 1962, Ralph Gresser, a former dairy farmer from Smithville, Ohio, was appointed Secretary-Treasurer, and in 1963 the company reorganized from an assessment mutual into an advanced premium mutual.  At that time, the directors chose the head of a German Shepherd to be the new company's logo, as it was considered a symbol of reliable authority.  The actual dog was named Bullet, and was owned by Dr. Manuel A. Pedrozo of Kidron, Ohio. 

In 1973, the company opened a new office at 3873 Cleveland Road in Wooster and operates at that address today. 

In 1987, the company again reorganized and Ralph Gresser was appointed as the new company president.  Mr. Gresser retired in 1996. The current president of the company is Tod Carmony, whose father Lloyd Carmony served as the president of the board of directors from 1963 to 1970.