FREDERICK MUTUAL INSURANCE COMPANY announces member approval of its reorganization to a mutual insurance holding company system
On December 15, 2022, on the company’s 180th anniversary, Frederick Mutual’s members approved the reorganization of Frederick Mutual under Maryland law to a mutual insurance holding company structure. Through the reorganization, Frederick Mutual will become a stock insurer subsidiary of a newly formed mutual insurance holding company, Frederick Mutual Holdings, Inc. As part of the reorganization, Frederick Mutual Group, Inc. will also be formed as an intermediate holding company for Frederick Mutual. The members’ vote to approve the new structure follows approvals by the company’s Board of Directors and the Maryland Insurance Administration.
With this new structure, a Frederick Mutual policyholder’s rights and benefits under their insurance policy will remain the obligations of Frederick Mutual while all existing and future policyholders of Frederick Mutual will retain their mutual ownership rights by automatically becoming members of Frederick Mutual Holdings, Inc. The structure will allow Frederick Mutual to retain its identity and storied history of mutual ownership while providing flexibility to thrive in today’s dynamic and competitive environment.
Frederick Mutual insurance Company was founded in 1843, is the 3rd oldest insurance company in Maryland, and the 9th oldest in U.S.
Celebrating 180 Years!