Mutual Re, a reinsurance firm based near Chicago has announced that it is currently considering adding a risk-assuming investor to its ownership group, following RenaissanceRe, one of the firm’s five owners recently deciding to tender its notice to withdraw from the relationship effective January 1, 2025.
In a statement released by Mutual Re it says that both companies are proud of their prior relationship and look forward to future years of working alongside each other in the reinsurance industry.
Mutual Re is currently owned by five insurance companies: Church Mutual Insurance Company, Encova Mutual Insurance Group, Farm Bureau Mutual Insurance Company of Michigan, Kentucky Farm Bureau Mutual Insurance Company, and RenaissanceRe.
Effective from January 1, 2025, Mutual Re will remain well capitalized with over $5.3 billion of combined policyholder surplus among its four assuming companies.
However, in the meantime, Mutual Re has confirmed that it will begin a search to expand its ownership group with a new insurance company.
“RenaissanceRe has been a great owner, and we appreciate the value they brought to the team as fellow reinsurers. Their contributions will be difficult to replace.” said John Meyers, President and CEO.
“Mutual Re is now looking for a new insurance company to join our team and expand and diversify their own operations by assuming reinsurance through our unique organization.”
