Phoenix, AZ (WorkersCompensation.com) - The policyholders of CopperPoint Mutual Insurance Company have voted to approve the company's plan to change its corporate structure to a mutual insurance holding company. The conversion was previously approved by CopperPoint's Board of Directors and the Arizona Department of Insurance, and will become effective January 1, 2019.
The approval of the plan creates a company structure that preserves policyholder ownership and offers greater opportunity for growth, as well as organizational and financial flexibility. "This initiative makes CopperPoint more agile and better able to serve the needs of our policyholders as our company grows,” said CopperPoint President & CEO Marc Schmittlein. “This is part of our transformation – our evolution as a company, and we couldn't have achieved this without the help and support of our board of directors and policyholders.”
Under the plan approved by the policyholders, CopperPoint Mutual Insurance Holding Company will become the group's new corporate parent. Policyholders of CopperPoint Mutual Insurance Company will become members of the mutual insurance holding company, along with policyholders of certain other companies in the CopperPoint family.
Although the company's corporate structure will change, CopperPoint will retain its culture, community focus, brand, management team and directors. This transition will not disrupt or change the coverage or service provided under CopperPoint policies and will not affect CopperPoint's relationships with agents, brokers and other business partners. CopperPoint will be owned 100 percent by policyholders, both before and after the transaction.
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