LANSING – Retailers Mutual Insurance Company is now Retailers Insurance Company, a move requested by Retailers Mutual and approved by state regulators on October 23, 2014.
All new and renewed policies and future correspondence will reflect the new name.
The change is more than just in name, said James P. Hallan, president and CEO of both Retailers Insurance Company and Michigan Retailers Association.
“The move to Retailers Insurance Company represents a change in corporate structure that enables the company to grow at an even faster rate in the future and provide additional benefits to policyholders,” Hallan said.
The new structure includes a holding company that can issue stock to raise additional capital for expansion, new technology and other growth-oriented activities.
Retailers Mutual policyholders approved the change at the August 19 Annual Meeting at the Michigan Retailers Association headquarters in downtown Lansing. The Michigan Department of Insurance and Financial Services gave final approval on October 23 after approving it conditionally in April. The Retailers Mutual board had unanimously recommended policyholder approval.
The change will be seamless for policyholders, and there are no significant operating changes planned for the immediate future, Hallan said. Changes and additional benefits will occur over time.