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Article: Minnesota Mutual to form MHC.(Minnesota Mutual Life Insurance Co. to convert to mutual insurance holding company)
- Article from:
- National Underwriter Life & Health-Financial Services Edition
- Article date:
- April 20, 1998
- Author:
CopyrightCOPYRIGHT 1998 Summit Business Media. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Minnesota Mutual Life Insurance Company announced plans last week to convert from a mutual life insurance company to a mutual holding company. The insurer said, however, that it has no plans to issue stock any time soon.
The new structure will provide the company with the "financial flexibility needed to remain competitive in a dynamic financial services industry," said Robert Senkler, chairman and CEO of the St. Paul, Minn.-based insurer.
In addition, the "mutual holding company structure preserves our ability to merge with other mutual insurers and would enable us to raise capital by issuing stock and debt," he said.
Under the proposed plan, the ...