Previous News:
December 2019
November 2019
October 2019
September 2019
August 2019
July 2019
June 2019
May 2019
April 2019
March 2019
February 2019
January 2019
December 2018
November 2018
October 2018
September 2018
August 2018
July 2018
June 2018
May 2018
April 2018
March 2018
February 2018
January 2018
December 2017
November 2017
October 2017
September 2017
August 2017
July 2017
June 2017
May 2017
April 2017
March 2017
February 2017
January 2017
December 2016
November 2016
October 2016
May 2016
April 2016
December 2015
March 2015
January 2015
September 2014
August 2014
July 2014
May 2014
April 2014
March 2014
February 2014
January 2014
December 2013
November 2013
October 2013
September 2013
August 2013
July 2013
June 2013
May 2013
January 2013
June 2012
May 2012
April 2012
March 2012
February 2012
January 2012
December 2011
November 2011
October 2011
September 2011

Policyholders Approve Jewelers Mutual’s Organization Structure Plan

Policyholders of Jewelers Mutual Insurance Company have voted to approve the company’s plan to convert its corporate structure to a mutual holding company.

The conversion was approved yesterday at Jewelers Mutual’s headquarters in Neenah, Wisconsin, where it received 87.1 percent support from votes cast by proxy or in person, surpassing the required approval of two thirds of voting members.

The conversion to a mutual holding company, previously approved by the Wisconsin Office of the Commissioner of Insurance and Jewelers Mutual board of directors, will become effective upon issuance of a certificate of authority by the Wisconsin Office of the Commissioner, which is expected on or shortly after January 1, 2020.

Under the new structure, Jewelers Mutual Holding Company will become the group’s new parent company, with Jewelers Mutual Insurance Company, SI becoming a stock subsidiary company wholly owned by the mutual holding company.

“Today’s approval confirms our policyholders’ support and trust in Jewelers Mutual,” said Scott Murphy, president and CEO of Jewelers Mutual. “We are dedicated to supporting our customers, and we are now better able to evolve our company to serve the needs of our policyholders without structural limitations.”

Conversion provides flexibility
Jewelers Mutual is dedicated to its policyholders and the jewelry industry and, as a result, continues to develop product and service offerings beyond its traditional insurance products. By creating a mutual holding company, Jewelers Mutual will enhance its ability to innovate and bring new value to its customers — and the jewelry industry — with new ventures. In recent years, Jewelers Mutual has already taken steps to expand its product offerings, including its JM Shipping Solution™ and JM Care Plan™ solutions.

Preserving policyholder ownership
A mutual holding company structure also retains Jewelers Mutual’s 100-plus year history as a company operated solely for the benefit of its policyholder members.

Policyholders of Jewelers Mutual will receive essentially the identical membership rights in the mutual holding company that they have today.

While a mutual holding company structure would allow Jewelers Mutual to consider the sale of stock to raise capital, it has no plans to do so.

Coverage, premium rates and claims handling under existing Jewelers Mutual insurance policies are unaffected by the change to a mutual holding company. Company and agent operations are also unaffected.


About Jewelers Mutual Group
The Jewelers Mutual Group companies, which are dedicated solely to serving the jewelry industry in the United States and Canada, began in 1913 when a group of Wisconsin jewelers came together to meet their unique insurance needs. Today, the Group’s companies remain the trusted insurance advisor and loss-prevention expert for jewelry retailers large and small, wholesalers, manufacturers, custom designers, and appraisers — and for consumers who protect their personal jewelry and the special moments it represents. For more information, please visit www.jewelersmutual.com.
AT: 09/13/2019 02:51:14 PM   LINK TO THIS NEWSLETTER
0 Comments:

Post a Comment
 
Comments are closed.
Copyright © 2009 - 2019 The Retail Jeweler.

Sitemap | Privacy Policy