Jewelers Mutual Insurance Company has taken steps to modernize its corporate structure and become a mutual holding company, while retaining its long-term focus and dedication to its policyholders - and preserving its mutuality. This change allows Jewelers Mutual to preserve its core mutuality and membership control while operating under a more flexible structure that better enables it to operate its core business better and to pursue further opportunities.
"When jewelers founded Jewelers Mutual over a century ago, they couldn't have imagined the opportunities we'd have in front of us today," said Scott Murphy, Jewelers Mutual president and CEO. "Today, the needs of our industry are changing, and we need to evolve to better serve the needs of our policyholders."
"Modifying our corporate structure will allow us to continually support our customers and strengthen our company as we embrace advanced technologies and related product opportunities to serve our customers better."
The mutual holding company transition would not affect any of the company's current coverages, premium rates, loss prevention, or claims-handling processes. Policyholders will see no change to how their policies are handled. Policyholders become a part of the new MHC with essentially the identical membership rights they have today, including the right to vote for board members at the company's annual meeting of members.
Murphy noted the change would also allow Jewelers Mutual to extend membership rights, as defined by law, to policyholders of certain current and future subsidiaries of Jewelers Mutual who would not otherwise have these membership rights, all to promote and enhance the longstanding mutual company tradition of Jewelers Mutual.
Dates for the administrative hearing, proxy mailing and policyholder meeting are still to be determined. The company hopes to complete the process by the end of 2019.
Jewelers Mutual Insurance Company was founded in 1913 by a group of Wisconsin jewelers to meet their unique insurance needs. Today, Jewelers Mutual offers products and services enabling jewelry businesses to run safe, secure, and successful operations. Consumers also put their trust in Jewelers Mutual to protect their personal jewelry and the special moments it represents. The company's financial position is reflected in its 32 consecutive ratings of "A+ Superior" from A.M. Best Company.