Last Updated: September 19, 2019
Information on the Restructuring of Jewelers Mutual Insurance Company to a Mutual Holding Company and a Stock Insurance Company
On January 25, 2019, Jewelers Mutual Insurance Company (“JMIC"), a Wisconsin mutual insurance company, filed a proposed plan for a mutual holding company restructuring pursuant to Chapter 644 of the Wisconsin Insurance code. On April 15, 2019, the filing was amended in several material ways.
The restructuring would result in:
- The creation of Jewelers Mutual Holding Company,
- The creation of JM New Holdings, Inc.,
- The conversion of JMIC to a Wisconsin stock insurance company, and
- The 100% transfer of JMIC's membership interests in JM Facets, LLC and JM Insurance Services LLC to JM New Holdings, Inc.
State law allows for a mutual insurance company to convert to a stock insurance company by placing the mutual policyholders' ownership rights in a mutual holding company that then becomes the owner of the newly converted stock insurance company. This transaction needs to be filed with and approved by OCI before it can be completed.
The restructuring plan filed by JMIC, along with key correspondence and statutorily required information will be placed in this section of OCI's Website. This transaction requires a public hearing to be held before a decision is made by the OCI on the restructuring plan.
Application Materials Filed with OCI on January 25, 2019:
On April 15, 2019, JMIC amended its January 25, 2019, MHC filing in several material ways. As provided on April 15, the changes are as follows:
- Language added to allow for electronic voting as permitted by Wis. Stat. § 611.425
- Voting Procedures. Change to Section VI.D.2 on page 8.
- Proxy Card. The only addition is a new paragraph on the first page informing of policyholder's option to vote electronically.
- Policy Holder Information Booklet. The only changes to this document occur in the Notice of Special Meeting to Members, pages i and ii, and Frequently Asked Questions, page v.
Additional Materials Filed with OCI on April 15, 2019:
Notice of Hearing: