Church Mutual Insurance Co. completed the conversion of its corporate structure to a mutual holding company, effective Jan. 1.
The new structure converted Church Mutual to a stock insurance company, which was renamed to Church Mutual Insurance Co. S.I. The stock insurance company will be wholly owned by Church Mutual Holding Co. Inc.
Church Mutual Holding is the parent company to Church Mutual Insurance, CM Regent Insurance Co., CM Vantage Specialty Insurance Co., CM Select Insurance Co., CM Indemnity Insurance Co. and CM Cos. Inc., a new intermediate stock holding company where CM Solutions and other non-insurance entities will reside.
The company said in its pre-conversion materials that a mutual structure "imposes limits" on its ability to act on "significant opportunities for strategic growth" and that the conversion would allow it to quickly respond to changes in the marketplace related to potential acquisitions and investments.
Church Mutual's policyholders will become members of Church Mutual Holding following the change. Any insurance coverage, premiums, benefits and service under existing policies will not be affected by the conversion.
Church Mutual Holding's board of directors and officers will also remain unchanged.
The company previously received approval for the conversion from its board of directors and policyholders and the Wisconsin Office of the Commissioner of Insurance.