SECURA Insurance proposes restructuring to Mutual Holding Company
Neenah, Wisconsin (May 15, 2020) - In an effort to secure continued, long-term stability and provide greater mutuality to its customers, SECURA leaders seek to position the company and its customers for success and flexibility by restructuring the organization as a Mutual Holding Company.
SECURA’s Board of Directors approved a plan to convert its organizational structure in late 2019. The company has filed the proposed plan with the Wisconsin Office of the Commissioner of Insurance (OCI). Prior approval by the OCI and the current policyholders of SECURA Insurance, A Mutual Company, will be required before the plan can be put into effect.
Under this new structure, all policyholders of SECURA’s insurance companies would have mutual voting rights in SECURA Insurance Mutual Holding Company.
“SECURA has been a mutual company, dedicated to and owned by its policyholders, since 1900. It is a model that we feel serves our customers well, ensuring they are the focus of every decision we make,” said Dave Gross, President & CEO. “We’re excited about how the transition to a Mutual Holding Company will provide mutuality for all of our policyholders and offer increased flexibility in the future for our entire organization. I am convinced now more than ever this will help SECURA respond to the continually changing needs and challenges of the insurance marketplace.”
Transitioning to a Mutual Holding Company will not directly impact the company’s Board of Directors, independent agents, policy coverages, or SECURA’s business operations.
SECURA plans to complete the process and have the restructuring effective Jan. 1, 2021, subject to approval from its policyholders and the OCI.
ABOUT SECURA INSURANCE
SECURA Insurance, headquartered in Neenah, Wis., is a regional group of property-casualty insurance companies operating in 12 states throughout the Midwestern and Southwestern U.S. Approximately 550 independent insurance agents represent the group, which provides a broad range of competitive commercial, personal, farm, nonprofit and special events products. SECURA Insurance is known for providing exceptional service to its agents and policyholders since 1900, and is rated A (Excellent) by A.M. Best for its excellent ability to meet policyholder obligations. It is a Ward’s Top 50 company for outstanding results in financial performance and consistency over a five-year period, and it is a certified Great Place to Work. Visit www.secura.net to learn more.