A mutual insurance company is an insurance company owned entirely by its policyholders . It is a form of consumers' co-operative . Any profits earned by a mutual insurance company are either retained within the company or rebated to policyholders in the form of dividend distributions or reduced future premiums. In contrast, a stock insurance company is owned by investors who have purchased company stock; any profits generated by a stock insurance company are distributed to the investors without necessarily benefiting the policyholders.
4-539: GuideWell , formally GuideWell Mutual Holding Corporation (holding company for Florida Blue ), is a mutual insurance holding company primarily focused on health insurance in Florida . It was created in 2013 by a reorganization initiated by Florida Blue, a member company of the Blue Cross Blue Shield Association . By health insurance premiums written, it is 10th largest in providing health insurance in
8-519: The National Association of Mutual Insurance Companies (NAMIC) , founded in 1895, is the sole representative of U.S. and Canadian mutual insurance companies in the areas of advocacy and education. The "mutual holding company" structure was first introduced in Iowa in 1995, and has spread since then. There have been concerns that the mutual holding company conversion is disadvantageous for the owners of
12-926: The United States with about $ 15b in health insurance sales. It originally formed out of Florida Hospital Service Corporation founded in 1944, which became Blue Cross of Florida, and Florida Medical Services Corporation in 1946, which became Blue Shield of Florida. These merged in 1980 into Blue Cross and Blue Shield of Florida, which was renamed Florida Blue in 2012. In 2009, Florida Blue acquired Florida Health Care Plans. In 2022, GuideWell acquired Triple-S, which operated Blue Cross Blue Shield plans in Puerto Rico. The holding company controls corporations operating in insurance , health care providers, consumerism , and government . Subsidiaries include: Mutual insurance The concept of mutual insurance originated in England in
16-795: The late 17th century to cover losses due to fire. The mutual/casualty insurance industry began in the United States in 1752 when Benjamin Franklin established the Philadelphia Contributionship for the Insurance of Houses From Loss by Fire. Mutual property/casualty insurance companies exist now in nearly every country around the globe. The global trade association for the industry, the International Cooperative and Mutual Insurance Federation, claims 216 members in 74 countries, in turn representing over 400 insurers . In North America
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