Financial Technology
Builders Transforms from a Mutual Captive into a Mutual Holding Company
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ATLANTA, Feb. 1, 2023 /PRNewswire/ -- Builders ("Builders" or "Company") announces that it has completed its conversion from a mutual captive company into a mutual holding company structure. The new structure allows Builders to remain competitive by adopting a more modern corporate model. The new model will provide greater stability, allow more dividend flexibility, and provide better service and capabilities to agents and customers through enhanced resources.
This reorganization is a powerful tool that allows the commercial insurance company to adapt to the evolving marketplace and legal landscape. "Shifting to a mutual holding company structure is part of our bottom-to-top transformation strategy," says Todd Campbell, Builders Group President and CEO. "Our core business is not changing, and the new structure will not affect Builders' commitment to our agents and their clients, but it does allow us to become more adaptable."
Builders initiated this reorganization through a series of specific Department of Insurance-monitored requirements under current Georgia statutes. The company's mutuality will be preserved so that current members and policyholders of Builders Insurance (BI), A Mutual Captive Company, will become members of the new parent company, Builders Insurance Mutual Holding Company (BI MHC), if they remain policyholders of the converted mutual company. The current Board of Directors of BI will remain the Board of Directors of BI MHC and operate under the same articles, bylaws, and charter of BI.
"This is a tremendous opportunity for our company to continue on the path of strong growth," says Mark Gromek, Chief Marketing and Underwriting Officer for Builders. "The reorganization allows Builders to remain competitive with other carriers while continuing to deliver our industry-leading expertise in Workers Compensation and Construction to our agents and policyholders."
ABOUT BUILDERS
Atlanta-based Builders delivers workers' compensation, general liability, property, commercial auto, umbrella, and construction risk insurance through a strong independent agent network. Celebrating its 30-year anniversary in 2022 and a legacy of commercial insurance industry excellence, Builders has grown to exceed $1 billion in total assets with more than 180 employees and 550 agency locations across the nation. Builders and its member companies are rated "A" (Excellent) IX by A.M. Best. Meet Builders — #30YearsStrong
For more information about Builders, visit our website at www.bldrs.com.
SOURCE Builders Insurance
First published on Thu, Feb 2, 2023
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