Last Updated: January 23, 2024
Information on West Bend Mutual Holding Company’s Application to Restructure into a Mutual Holding Company, Pursuant to Chapter 644 of the Wisconsin Insurance Code.
On June 2, 2023, West Bend Mutual Insurance Company (“WBMIC”), filed a proposed plan for a mutual holding company restructuring. As described in the filing, the effect of the restructuring will cause the following to occur:
1. Formation of WBM Corporation (“WBMC”)
2. Formation of West Bend Mutual Holding Company (“WB MHC”)
3. Conversion of WBMIC to West Bend Insurance Company (“WBIC”), a stock insurance company
4. WB MHC will be issued 100% of the shares of voting stock of WBMC
5. WBMC will be issued 100% of the shares of voting stock of WBIC
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 direct or indirect 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 WBMIC, along with all pertinent 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.
The Applicant filed the following documents with OCI:
Hearing Documents
Proposed Decision
Final Decision
Member Vote