Frankenmuth Insurance coverage transformed to a mutual holding firm construction, efficient January 1, 2023.
The conversion resulted within the formation of a brand new mutual holding firm known as Frankenmuth Mutual Holding Firm, which is able to proceed to be owned by its members (policyholders). Moreover, the property and casualty insurance coverage firm, Frankenmuth Mutual Insurance coverage Firm, transformed to a completely owned inventory subsidiary of Frankenmuth Holdings, Inc. and altered its identify to Frankenmuth Insurance coverage Firm. The corporate will proceed to current itself within the market as Frankenmuth Insurance coverage.
From an operations standpoint, Frankenmuth Insurance coverage will proceed to uphold the rules and tradition of a mutual firm, owned by its members. Company companions and policyholders alike can count on the identical distinctive service and merchandise they’ve come to count on from the corporate.
“We’re excited concerning the new company construction and the strategic alternatives it supplies,” stated Fred Edmond, President and CEO of Frankenmuth Insurance coverage. “This conversion affords us great flexibility to boost capital for continued development and funding that isn’t in any other case out there to mutual insurance coverage corporations. We consider this can be a constructive subsequent step within the historical past of our firm and it creates a fair brighter future for our agent companions and staff.”
This conversion has no affect on the corporate’s partnerships with impartial businesses, and there will likely be no modifications to charges, coverages, or obligations to our policyholders in consequence.