West Des Moines, Iowa — Homesteaders Life Company’s policy owners have voted restructure into a mutual holding company. The vote took place during Homesteaders’ annual policy owner meeting held earlier this week and follows the Board of Director’s unanimous vote to approve the restructuring late last year.
“This simple reorganization is very common among mutual life insurers and preserves the mutual structure for the policy owners,” affirmed Nick Gerhart, Homesteaders EVP-Chief Innovations Officer and former Insurance Commissioner for the State of Iowa. “Like the funeral profession, Homesteaders has gone through many changes over the last decade in response to the evolving business environment. This reorganization better reflects where the company is today and provides a strategic framework we can leverage to make sure we are ready for the next 100 years.”
Steve Shaffer, Homesteaders President, CEO and Board Chair noted that reorganizing as a mutual holding company helps reinforce Homesteaders’ commitment to safeguarding the long-term security of its policy owners and prepares the company to remain relevant and strong well into the future.
“Homesteaders operates in a rapidly changing, complex and competitive business environment. This change allows us to retain our mutual structure while providing strategic flexibility to evolve as a long-term partner to the funeral profession with continued investment in innovative solutions for our customers, agents and policy owners,” Shaffer affirmed. “We are excited to take this important step to modernize our corporate structure as we have already modernized our strategic outlook and approach to the market.”
The Iowa Insurance Division will hold a public hearing to review the proposed reorganization this spring with final approval expected to follow shortly after.
Homesteaders Life Company, a mutual company owned by its policy holders, is a national leader providing products and services to help people design a better farewell.
