CUNA Mutual Group announced Friday that its board approved a plan during its June meeting to convert from a mutual insurance company structure to a mutual holding company structure.
The new structure will allow CUNA Mutual greater access to capital, according to CUNA Mutual President/CEO Jeff Post. In the limited mutual holding company structure, CUNA Mutual will continue to be mutually owned with policyholders having full ownership of the MHC. The board's vote was unanimous.
Post emphasized that CUNA Mutual only asked for a limited MHC and it has no plans to convert to a stock-held company. "We don't have any interest in demutualizing the company," Post added.
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