Office of Insurance and Safety Fire CommissionerRalph T. Hudgens
Commissioner
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MAG Mutual Insurance Company

Information about MAG Mutual Insurance Company’s Reorganization Plan, including the Creation of a Mutual Holding Company and Conversion to a Stock Insurance Company

On March 17, 2017, MAG Mutual Insurance Company (“MAG Mutual”) filed an initial proposed Reorganization Plan, and, on May 4, 2017, MAG Mutual filed a First Amended and Restated Reorganization Plan (the “Plan”).  If the Plan is approved by the Georgia Insurance Commissioner and MAG Mutual’s policyholders, it would authorize:  the formation of a new mutual holding company, MAG Mutual Holding Company (“MAG MHC”); the formation of an intermediate holding company; and the conversion of MAG Mutual from a Georgia mutual insurance company to a Georgia stock insurance company.  After the reorganization, the policyholders will own MAG MHC, which will own the intermediate holding company, which in turn will own the converted stock insurance company.

In accordance with the Georgia Insurance Code, the proposed transaction must be filed with and approved by the Georgia Insurance Commissioner before it can be voted upon by the mutual insurance company’s policyholders and completed. The Plan, along with related correspondence and other statutorily required information, appears herein and may be supplemented as the Georgia Department of Insurance (“Department”) completes its review.

Please direct any questions concerning this filing to: Sarah Crittenden at (404) 463-4458 or scrittenden@oci.ga.gov.
typefile namedate created
Adobe pdf documentA. MAG Mutual’s Form A Exemption Request, Initial Reorganization Plan, Initial Exhibits.pdf5/11/2017 3:00:50 PM
Adobe pdf documentB. MAG Mutual’s Substitute Exhibit I.pdf5/11/2017 3:00:55 PM
Adobe pdf documentC. Department’s Denial of MAG Mutual’s Form A Exemption Request.pdf5/11/2017 3:01:12 PM
Adobe pdf documentD. Department’s April 26 Letter to MAG Mutual.pdf5/11/2017 3:00:48 PM
Adobe pdf documentE. MAG Mutual’s May 3 Letter to the Department.pdf5/11/2017 3:01:07 PM
Adobe pdf documentF. Department’s May 4 Letter to MAG Mutual.pdf5/11/2017 3:01:05 PM
Adobe pdf documentG. MAG Mutual’s First Amended and Restated Reorganization Plan.pdf5/11/2017 3:00:54 PM
Adobe pdf documentH. Affidavit of Naveed Anwar, MAG Mutual Executive Vice President and Chief Financial Officer.pdf5/11/2017 3:00:46 PM
Adobe pdf documentI. Department’s Notice of Public Hearing.pdf5/11/2017 3:01:03 PM
Adobe pdf documentJ. MAG Mutual’s Letter Providing Notice to Policyholders.pdf5/15/2017 10:53:20 AM
Adobe pdf documentK. MAG Mutual's May 23rd Letter to the Department.pdf5/25/2017 9:30:20 AM
Adobe pdf documentL. MAG Mutual's Restated Reorganization Plan.PDF5/25/2017 9:31:23 AM
Adobe pdf documentM. Second Affidavit of Naveed Anwar, MAG Mutual Executive Vice President and Chief Financial Officer.pdf5/25/2017 1:31:04 PM
Adobe pdf documentN. Reorganization MAG Commissioner's Order.pdf6/23/2017 12:02:44 PM
Adobe pdf documentO. Department’s June 30, 2017, Letter Acknowledging Receipt of SEC Letter.pdf7/6/2017 8:57:08 AM
Please Note: A public hearing on the proposed Reorganization Plan of MAG Mutual Insurance Company will be conducted on May 31, 2017, at 9:00 a.m. at the following location:

Seventh Floor Hearing Room
West Tower, Floyd Building
Office of Insurance and Safety Fire Commissioner
Two Martin Luther King, Jr. Drive
Atlanta, Georgia 30334

Policyholders or members of the public who would like to offer oral comments at the public hearing regarding the proposed reorganization will be afforded the opportunity to do so. In addition, MAG Mutual Insurance Company's policyholders and members of the public may submit written comments to the Georgia Insurance Department by Friday, May 26, 2017, at 4:30 p.m., via email to: magmutualcomments@oci.ga.gov, or via mail to the attention of:

MAG Mutual Insurance Company Reorganization Plan Comments
Administrative Procedure Division, Suite 1016
West Tower, Floyd Building
Office of Insurance and Safety Fire Commissioner
Two Martin Luther King, Jr. Drive
Atlanta, Georgia 30334

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