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I’m writing in response to Brian Prunty’s letter regarding CUNA Mutual’s proposed reorganization to a mutual holding company structure. [CU Times, Aug. 17, page 10.] Like Prunty, we encourage all policyholders to read through the MHC materials thoroughly. Further, we, too, believe in the benefits of mutual ownership and in having a strong governance model. Prunty raises concerns that warrant clarification.

In CUNA Mutual’s plan of reorganization, the MHC board structure is consistent with our current model. Today, policyholders own the parent company–CUNA Mutual Insurance Society (CMIS); CMIS, in turn, owns several subsidiary companies that comprise CUNA Mutual Group, including CUMIS Insurance Society, a property and casualty carrier. The independent CMIS board of directors oversees the parent entity (CMIS) and the group as a whole. Each of the subsidiaries has a separate board.

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