New mutual holding company structure better positions insurer for growth while preserving mutual-based culture
To better position itself to act on future business opportunities and extend its mutuality to more policyholders, Sentry filed a plan today with the Wisconsin Office of the Commissioner of Insurance to create a mutual holding company.
Policyholders would need to approve the new corporate structure aimed at helping Sentry remain one of the largest and strongest mutual companies in the U.S.
“In the end, this is all about continuing to provide great personalized service to our customers, while continuing to grow our company and maintain and expand our mutual structure and values,” said Pete McPartland, Sentry chairman of the board, president, and CEO. “Our plan would make us more agile and able to take advantage of business opportunities.”
Sentry Mutual Holding Company would serve as the parent company of Sentry Insurance and its subsidiaries. The company would remain known as Sentry Insurance and continue to operate under the principles and culture of a mutual company.
Forming the mutual holding company wouldn’t impact coverages, premiums, claims handling, or anything related to customer experience. The move would improve Sentry’s ability to expand product and service offerings while providing flexibility to pursue mergers and acquisitions.
The filing will now be reviewed by the state Office of Commissioner of Insurance. Sentry intends to have the mutual holding company in place by January 1, 2021.
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