Church Mutual’s Conversion to a Mutual Holding Company Finalized

Merrill, Wisconsin-based Church Mutual’s conversion of its corporate structure to a mutual holding company became effective Jan. 1, 2020.

According to the company, the move provides the organization more flexibility to pursue customer-driven initiatives while preserving its commitment to protect the greater good and serve the long-term interests of policyholders.

The conversion was previously approved by Church Mutual’s board of directors and the Wisconsin Office of the Commissioner of Insurance, as well as the company’s policyholders.

Insurance coverage, premiums, benefits and service under existing Church Mutual policies were not affected by the change.

Policyholders of Church Mutual became members of the new mutual holding company and enjoy the same rights they had as members of Church Mutual Insurance Company.

Church Mutual’s board members, officers and other employees did not receive any additional compensation, stock or benefits because of the change.

Previously, Church Mutual was organized as a mutual insurance company. Under the new restructure, Church Mutual converted to a stock insurance company that is wholly owned by a newly organized mutual insurance holding company (MHC). Effective Jan. 1, 2020, the stock insurance company’s name became Church Mutual Insurance Company S.I.

The mutual holding company, Church Mutual Holding Company Inc., is the parent company to Church Mutual Insurance Company S. I., as well as CM Regent Insurance Company, CM Vantage Specialty Insurance Company, CM Select Insurance Company, CM Indemnity Insurance Company, and a new, intermediate stock holding company named CM Companies Inc., where CM Solutions resides as well as other entities that are not insurance companies.

The mutual holding company is domiciled in Wisconsin. The board of directors and officers of the holding company are the same as the board of directors and officers of Church Mutual Insurance Company prior to the change.Church Mutual Insurance Company S.I. founded in 1897, offers specialized insurance for religious organizations of all denominations, public and private K-12 schools, colleges and universities, senior living facilities, camps and conference centers and nonprofit and human services organizations throughout the United States. Church Mutual markets most lines of commercial property and liability insurance, including multi-peril, workers’ compensation and commercial auto insurance.

Source: Church Mutual

Topics Carriers Wisconsin