Farm Bureau Mutual Insurance Co.’s Board of Directors unanimously approved a plan of reorganization under which Farm Bureau Mutual will form a mutual insurance holding company to be named Farm Bureau Mutual Holding Co. (MHC). As a result, Farm Bureau Mutual will be reorganized as a stock property/casualty insurance company, named Farm Bureau Property & Casualty Insurance Co. The plan is subject to approvals by the Iowa Insurance Commissioner and the company’s policyholders.
Farm Bureau Mutual also will organize an intermediate holding company, named Farm Bureau Multi-State Services Inc. Farm Bureau Multi-State Services Inc will own all Farm Bureau Property & Casualty Insurance Company shares. MHC will own All Farm Bureau Multi-State Services Inc. shares. While there are no definite plans to sell stock to outside investors, the company may pursue such a sale in the future as a part of its business plan.
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