Federal Life completes conversion to stock company
11 Dezember 2018 - 11:58PM
Federal Life Mutual Holding Company (“FLMHC”) has completed its
conversion from a mutual to stock form of organization and has also
completed the formation of a stock holding company Federal Life
Group, Inc. (“FLG”). Federal Life Insurance Company (“FLIC”),
which conducts the primary business of the consolidated group, is
now a wholly owned subsidiary of FLG.
Along with the completion of the mutual to stock
conversion of FLMHC, FLG completed a sale of 3,530,150 shares
of its common stock at $10.00 per share in a stock offering to
policyholders, directors, officers and employees of FLMHC and its
subsidiaries, identified strategic partners, and Insurance Capital
Group, LLC, (“ICG”) which served as the standby purchaser. The
common stock of FLG is expected to commence trading December 12,
2018 on the Nasdaq Capital Market as (NASDAQ: FLF).
Additionally, William Austin, President and
Chief Operating Officer of FLG and FLIC, has been promoted to
President and Chief Executive Officer of FLG and FLIC, succeeding
Joseph Austin, who has served as Chairman and Chief Executive
Officer of FLIC since 1977, and who will continue to serve as
Executive Chairman of FLG and FLIC.
Griffin Financial Group, LLC acted as sole
placement agent for the offering. Stevens and Lee acted as
counsel for Federal Life.
Gross proceeds of the offering are $35.3
million. Net proceeds to Federal Life Group after payment of
transaction expenses are approximately $32 million.
About Federal Life Insurance
CompanyFLIC is an independently operated provider of
quality life insurance and annuity products, incorporated in
1899. FLIC is headquartered in Riverwoods, Illinois, a suburb
approximately thirty miles north of Chicago. FLIC is proud of
its longstanding tradition of financial strength and stability and
serves over 31,000 policyholders. www.federallife.com
About Insurance Capital
GroupICG is an opportunistic holding company which
acquires and makes investments in insurance companies in targeted
sectors with a focus on sponsored demutualizations and other
complex conversion transactions. ICG’s objective is to create
long term shareholder value as measured by growth in tangible book
value through the ownership and oversight of our insurance company
investments. www.insurancecap.com
Anders Raaum ir@federallife.com
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