How to reach Motorists Mutual Insurance
Description
A Mutual insurance company is an insurance company which has no shareholders but instead is owned entirely by its policyholders: this ownership either extends to all its policyholders or is restricted to certain classes of policyholders. Their ownership rights typically include voting rights; for instance in the election of the board of directors and on any proposal to demutualise. In a mutual insurance company; any distributed surplus funds is paid entirely to policyholders; whereas in a proprietary company (one with shareholders) a proportion of the surplus (typically 10%) is paid to shareholders; in exchange for the capital that they provide to support the business. The absence of shareholders makes it more difficult for the directors of a mutual to raise fresh capital; for example to finance any new ventures that they propose. Historically; insurance began in many countries mainly through a mutual (or cooperative) structure. In recent years; many insurance companies have gone through demutualization and become public companies in an effort; among other things; to enable them to acquire further capital.
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