January 9, 2006
LANSING — The Michigan Retailers Association (MRA) today announced
the launch of Retailers Mutual Insurance Company, the first completely
new insurance company established in Michigan in six years.
Retailers Mutual provides cost-saving workers’ compensation insurance
to a wide array of businesses, non-retail as well as retail. It was
established by conversion of Retailers Fund, Michigan Retailers’
highly successful group self-insured workers’ compensation program.
Conversion was approved by the state Office of Financial and Insurance
Services (OFIS) and the state Workers’ Compensation Agency, as
well as by trustees and participants of Retailers Fund and by the MRA
Board of Directors.
"This is an exciting moment and the realization of a dream for
our organization," said Larry Meyer, MRA chairman and CEO, who
also serves as CEO of the new company. "It is the next logical
step for our workers’ compensation program, which was established
in 1981 to save businesses money on skyrocketing workers’ compensation
costs."
"Retailers Mutual is the new company with an impressive 25-year
track record," said James P. Hallan, MRA president and chief operating
officer, who also serves in those positions in the new company. "Converting
to a mutual company provides important benefits to existing MRA members
and untold numbers of future members—businesses of all types."
OFIS Commissioner Linda A. Watters commented: "This is a prime
example of a company taking advantage of the positive Michigan business
environment by expanding its services and presence in Michigan. I am
delighted that Retailers Mutual will be domiciled in Michigan and look
forward to working with the company as it grows."
Retailers Mutual, headquartered at MRA offices in downtown Lansing,
began operations on January 1, 2006. The nearly 1,000 Retailers Fund
participants automatically became Retailers Mutual policyholders on
that date. Retailers Mutual policies are sold through independent insurance
agents and MRA’s regional marketing representatives.
Hallan said directors decided to buck a national trend of incorporating
insurance companies "off-shore" because, "the company’s
roots are in Michigan, our policyholders are in Michigan and we are
committed to the future of Michigan."
Businesses and insurance agents wanting information about the new company
and its insurance policies can reach Retailers Mutual at 800.366.3699.
The Michigan Retailers Association is the unified voice of retailing in Michigan and the nation’s largest state trade association of general merchandise retailers.
