Investment Banking - Saucon Insurance Company
Transactions | Insurance
Client: Saucon Insurance Company
Transaction Type: Demutualization
Role: Financial Advisor
Saucon Insurance Company has been formed by the demutualization of Saucon Mutual Insurance Company
- Saucon Mutual Insurance Company (“SMIC” or the “Company”) is a 185 year old, Bethlehem, PA based company that offers both term and perpetual homeowners and dwelling property insurance.
- SMIC launched an extensive strategic alternatives review process and concluded that demutualizing, utilizing Pennsylvania’s Alternative Plan of Conversion statute to convert from a mutual to a stock company, was in the best interest of the Company and its policyholders.
- SMIC’s board and management believe that this structure change will allow the Company to strengthen its capital and surplus base for the benefit of its policyholders.
- Further, SMIC’s successful demutualization allows management to execute on its longer-term strategic plan to re-enter the insurance underwriting market in its region.
- Boenning served as exclusive financial advisor in this transaction.