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American Mutual Holding completes demutualization
As American Mutual Holding Co. completed its conversion to a 100 percent stock company, it renamed itself as the AmerUs Group Co.
|"We believe this will create long-term value for our shareholders."|
AmerUs Group, based in Des Moines, Iowa, completed its demutualization on Sept. 20, 2000, converting from a mutual holding company owned by both stockholders and a parent company to a publicly traded company owned by shareholders.
The insurer has distributed nearly 17.4 million shares of stock worth about $800 million to 300,000 eligible policyholders nationwide.
As the demutualization was completed, Roger Brooks, chairman and CEO, said the new company structure has many benefits, including a "simplified" corporate structure, compensation for policyholders for their ownership interests, and enhanced liquidity as the number of publicly traded shares has doubled after the conversion. "We believe this will create long-term value for our shareholders," he said.
In 1996, American Mutual adopted a mutual holding company structure, serving as a parent company to a number of subsidiaries. Under this structure, ownership of the subsidiaries is generally split between the mutual holding company and outside investors, with the mutual holding company always maintaining majority control.
AmerUs Group is the result of a merger between American Mutual Holding Co. and AmerUs Life Holdings, which was a subsidiary of the holding company. AmerUs Life Holdings, in turn, served as the parent company for a number of subsidiaries, including AmerUs Life Insurance Co., Delta Life Corp., and Delta Life and Annuity Co. AmerUs Group is now the single parent company for all of the subsidiaries.
More moves on the horizon
At the time of the demutualization, AmerUs Group announced plans to merge with Indianapolis Life Insurance Co., which was in the process of demutualization to change from a mutual company, owned by policyholders, to a publicly traded company, owned by shareholders. Indianapolis Life completed its demutualization and merged with AmerUs Group in 2001.