Mutual insurers have lived long and prospered thanks in large part to their unique business model, focusing on the concerns of policyholders rather than outside investors, the incoming chair of NAMIC says.
About 13 percent of all insurance companies are 100 years old. Of those that have made it, 62 percent are mutuals.
That says something about the advantages of the mutual business model, according to Sandra Parrillo, president and chief executive officer of Providence Mutual Fire Insurance Company–one of the oldest insurers in the United States, whose roots can be traced to 1800.
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