Mutual holding company conversions continue as insurers seek M&A flexibility
A corporate structure that allows insurers to retain elements of mutuality while affording them greater strategic flexibility, including a wider array of options for executing mergers and acquisitions, continues to gain popularity among regional property and casualty companies. Two Wisconsin-domiciled P&C insurers intend to conduct mutual-to-stock conversions under newly formed mutual insurance holding company structures, just nine months after the restructurings of two similarly situated entities took effect. The Wisconsin Office of the Commissioner of Insurance has scheduled a public hearing for Oct. 23 regarding the proposed conversion of Sentry Insurance A Mutual Co. It convened a public hearing on Sept. 3 to consider SECURA Insurance A Mutual Co.'s conversion application; the company was slated to hold its special meeting of policyholders on Sept. 15. Conversions of Church...