News Releases

Florida Family Announces Demutualization Plans

Naples, Florida, July 14, 2000… Florida Family Mutual Insurance Company (FFMIC) has filed an application with the Florida Department of Insurance seeking to demutualize and convert its structure to that of a stock insurance company. The conversion would require an affirmative vote of the policyholders as well as the approval of the Florida Department of Insurance.

The conversion plan provides for a non-transferable offer to former and existing policyholders to purchase one share of stock for each FFMIC property policy that they have owned within the three year period preceding filing of the application to demutualize. FFMIC has entered into an agreement with FFIS wherein FFIS would accept any shares not purchased by policyholders in exchange for the retirement of a surplus note previously issued by FFIS to FFMIC. Except for the policyholders mentioned above, shares will not be offered to the general public.

Rick Hardy, CEO, said, "This is an important milestone in the growth of the Florida Family organization. We are the preeminent agency market in Florida today, and plan to continue to build on our relationships with our agency force, providing outstanding customer service to the Independent Agent and the policyholder."

The demutualization was successfully completed effective March 14, 2001, and at that time, the company adopted its new name, Florida Family Insurance Company.