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Brotherhood Mutual Completes Conversion to Mutual Insurance Holding Company
JULY 2024 - FORT WAYNE, IN: The start of the third quarter marked another milestone for Brotherhood Mutual Insurance Company in its 107 years of providing insurance and services for ministries. Final regulatory approval was granted by the Indiana Attorney General, Indiana Secretary of State, and the Indiana Insurance Commissioner, effective July 1, 2024, for the company structure to transition from a mutual insurance company to a stock insurance company that is indirectly, wholly owned by a newly formed mutual insurance holding company.
The company’s leadership had been exploring the benefits of restructuring for the past few years. Making this change now provides the company with more opportunities and possibilities for growth and expansion in serving Christian ministries, including churches, camps, schools, colleges and universities, mission organizations, and nonprofits.
The Brotherhood Mutual Board of Directors and the Indiana Department of Insurance previously gave approval in 2023, pending approval from the company’s policyholders during the Annual Meeting in February 2024.
With this final approval, all policyholders of Brotherhood Mutual Insurance Company acquired mutual membership and voting rights in the Brotherhood Mutual Insurance Holding Company, effective July 1, 2024. Transitioning to a mutual insurance holding company model does not directly impact independent agents or insurance operations, including policy coverages and rates.
“With this change, we’ll have the opportunity to tap into additional resources and expertise, enabling us to better serve policyholders and adapt to evolving market demands,” said Mark Robison, chairman and president, Brotherhood Mutual Insurance Company. “We’re looking forward to connecting customers with products and services that extend beyond traditional insurance.”
Brotherhood Mutual is not new to developing services outside the insurance space. For example, they launched subsidiary MinistryWorks, LLC, a payroll services and HR solutions company, in 2012, which now serves 7000+ ministry customers. Additionally, Brotherhood Mutual has formed strategic alliances with other ministry-focused organizations for employee benefits and background screenings.
About Brotherhood Mutual Insurance Company
Celebrating 107 years in business, Brotherhood Mutual® is a national property and casualty insurance company with a heart for helping Christian ministries thrive. As a leader in the industry, Brotherhood Mutual provides innovative insurance coverage and risk management resources, specifically designed for ministries, to help them operate safely and effectively. The company serves more than 67,000 churches, schools, colleges and universities, camps, and mission organizations in 47 states and the District of Columbia. Additionally, Brotherhood Mutual provides access to payroll services and HR administration solutions, employee benefits, workers’ compensation, auto insurance, and mission travel insurance. Headquartered in Fort Wayne, IN, Brotherhood Mutual is staffed by 680+ employees and works with 424 independent agents in 93 agencies nationwide. www.brotherhoodmutual.comNotice: We, and our partners, use various technologies, including third-party cookies and codes, in order to personalize our website functionalities, measure website usage and performance, and provide targeted advertising. Information about your site visit may be stored or shared with third parties as identified in our privacy policy. By using our website, you agree to the use of cookies as described in our Privacy Policy.