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Insurance is a means of protection from financial loss in which, in exchange for a fee, a party agrees to compensate another party in the event of a certain loss, damage, or injury. It is a form of risk management, primarily used to protect against the risk of a contingent or uncertain loss.
A mutual organization, or mutual society is an organization based on the principle of mutuality and governed by private law. Unlike a true cooperative, members usually do not contribute to the capital of the company by direct investment, but derive their right to profits and votes through their customer relationship. A mutual organization or society is often simply referred to as a mutual.
Demutualization is the process by which a customer-owned mutual organization (mutual) or co-operative changes legal form to a joint stock company. It is sometimes called stocking or privatization. As part of the demutualization process, members of a mutual usually receive a "windfall" payout, in the form of shares in the successor company, a cash payment, or a mixture of both. Mutualization or mutualisation is the opposite process, wherein a shareholder-owned company is converted into a mutual organization, typically through takeover by an existing mutual organization. Furthermore, re-mutualization depicts the process of aligning or refreshing the interest and objectives of the members of the mutual society.
Axa S.A. is a French multinational insurance company headquartered in the 8th arrondissement of Paris. It also provides investment management and other financial services.
American Family Insurance, also abbreviated as AmFam, is an American private mutual company that focuses on property, casualty, and auto insurance, and also offers commercial insurance, life, health, and homeowners coverage as well as investment and retirement-planning products. It is a Fortune 500 company and its revenues were over $9.5 billion in 2017.
Unum Group is an American insurance company headquartered in Chattanooga, Tennessee. Founded as Union Mutual in 1848 and known as UnumProvident from 1999-2007. The company is part of the Fortune 500. Unum Group was created by the 1999 merger of Unum Corporation and The Provident Companies and comprises four distinct businesses – Unum US, Unum UK, Unum Poland and Colonial Life. Its underwriting insurers include The Paul Revere Life Insurance Company and Provident Life and Accident Insurance Company.
The Dai-ichi Life Insurance Company, Limited, or Dai-ichi Life for short, is the third-largest life insurer in Japan by revenue, behind Japan Post Insurance and Nippon Life.
A reciprocal inter-insurance exchange or simply a reciprocal in the United States is an unincorporated association in which subscribers exchange insurance policies to pool and spread risk. For consumers, reciprocal exchanges often offer similar policies to those offered by a stock company or a mutual insurance company. Notable reciprocal exchanges are managed by USAA, Farmers, and Erie.
Groupama an abbreviation for Groupe des Assurances Mutuelles Agricoles is a French insurance group headquartered in Paris with operations in 10 countries.
NFU Mutual is a UK insurance composite. As a mutual, its policyholder members own the business, and the executives and directors are accountable to them. The full name of the organisation is National Farmers' Union Mutual Insurance Society Limited.
Farmers Insurance Group is an American insurer group of vehicles, homes and small businesses and also provides other insurance and financial services products. Farmers Insurance has more than 48,000 exclusive and independent agents and approximately 21,000 employees. Farmers is the trade name for three reciprocal exchanges, Farmers, Fire, and Truck, each a managed by Farmers Group, Inc. as attorney-in-fact on behalf of their respective policyholders. Farmers Group, Inc. is a wholly owned subsidiary of Swiss-based Zurich Insurance Group.
Grinnell Mutual is a property-casualty mutual insurance company and reinsurer based in Grinnell, Iowa, United States.
ProAssurance Corporation, headquartered in Birmingham, Alabama, is a property and casualty company that sells professional liability insurance to doctors. The company was founded in 1976 as Mutual Assurance and was later renamed to Medical Assurance in 1997. The name "ProAssurance" was created in 2001 when Medical Assurance merged with Professionals Group. The company is currently the fourth largest medical professional liability insurance writer and has over $6 billion in assets.
The National Association of Mutual Insurance Companies (NAMIC) is the only U.S. trade association representing mutual property/casualty insurance companies. Founded in 1895, NAMIC has been serving its U.S. and Canadian members in areas of advocacy and education.
ROAM is an association at the service of mutual insurance companies for more than 150 years.
The Insurance Regulatory and Development Authority of India (IRDAI) is a statutory body under the jurisdiction of Ministry of Finance, Government of India and is tasked with regulating and licensing the insurance and re-insurance industries in India. It was constituted by the Insurance Regulatory and Development Authority Act, 1999, an Act of Parliament passed by the Government of India. The agency's headquarters are in Hyderabad, Telangana, where it moved from Delhi in 2001.
Covéa is a French mutual insurance company that covers property, liability and reinsurance businesses headquartered in Paris. It was formed from the merger of three separate French mutual insurance companies Garantie Mutuelle des Fonctionnaires (GMF), Mutuelle d'assurance des artisans de France (MAAF) and Mutuelle du Mans Assurance (MMA).
La Capitale Financial Group Inc. was a Canadian business that provided insurance products and financial services in Quebec, Canada. The company was headquartered in Quebec City and mainly active in Quebec, though extending its services into Ontario since 2008. With more than 900 institutions and 600,000 members of staff, La Capitale General Insurance ranked among the largest insurers in Quebec. It merged with SSQ Insurance in 2022 to become Beneva.
Ohio Mutual Insurance Group is a group of property and casualty insurance companies based in Bucyrus, Ohio. The group is composed of three affiliates: Ohio Mutual Insurance Company, United Ohio Insurance Company and Casco Indemnity Company. As a mutual insurance company, Ohio Mutual Insurance Group is not a stock company but one that is mutually owned by its policyholders. A board of directors and an appointed president and chief executive officer manage the company.
References
- 1 2 Wright, Janet; Virginia Wadsley; Janice Artandi (1994). The History of the National Association of Mutual Insurance Companies, A Century of Commitment, 1895–1995. Indianapolis, IN: National Association of Mutual Insurance Companies. pp. 1–5.
- ↑ "Association of Mutual Insurers and Insurance Cooperatives in Europe". AMICE. Retrieved 24 February 2011.
- ↑ "ICMIF Members list". Archived from the original on February 3, 2011. Retrieved March 5, 2010.
- ↑ Wright, Janet; Virginia Wadsley; Janice Artandi (1994). The History of the National Association of Mutual Insurance Companies, A Century of Commitment, 1895–1995. Indianapolis, IN: National Association of Mutual Insurance Companies. p. 21.
- ↑ Banstetter et al. (1997). The Mutual Holding Company: A New Structural Option. The Association of Life Insurance Counsel. pp 65-140
- ↑ Rambeck R. (2001). Mutual Holding Company: A Shell Game Without the Pea. Insurance Journal.
- ↑ What demutualization means for policyholders. Insure.com. January 28, 2003
- ↑ "Om LB Forsikring A/S".
- ↑ "About PPS - Our Heritage | Mutual Financial Services Exclusively for Graduate Professionals". Archived from the original on 2014-12-17. Retrieved 2014-12-17.
- ↑ "Overview". Archived from the original on 2014-12-17. Retrieved 2014-12-17.
- ↑ "AVBOB – Home Page". avbob.co.za.
- ↑ "Utility Insurance". Aegis Limited.
- ↑ "About GNY". Greater New York Mutual Insurance Companies.
- ↑ "Grinnell Mutual". Grinnell Mutual Reinsurance.
- ↑ "About Guardian | Guardian".
- ↑ Insurance, Mennonite Mutual. "Faith-Based & Church Insurance - Agribusiness & Farm Insurance". www.mennonitemutual.com.
- ↑ "Financials and Reports". Securian Financial.
- ↑ "Expect more from your work comp partner". SFM Mutual Insurance.
