MLMIC Reports Progress on Berkshire Hathaway Transaction
UPDATE: As of October 2, 2018, the closing of the transaction with Berkshire Hathaway has been finalized. Please visit the official announcement to read about the closing or click here for additional details.
We are pleased to report the latest progress on the sponsored demutualization transaction with National Indemnity Company (the Sponsor), a subsidiary of Berkshire Hathaway Inc. (BHI):
- On May 18, 2018, MLMIC received a copy of a valuation of MLMIC performed by Ernst & Young Investment Advisors LLP for the Department of Financial Services of the State of New York (the Department).
- On May 22, 2018, the Superintendent of Financial Services of the State of New York (the Superintendent) granted MLMIC permission to file its Plan of Conversion from a mutual insurance company to a stock insurance company with the Department.
- The proposed transaction was also recently reviewed by the Department of Justice and the Federal Trade Commission. On May 24, 2018, both MLMIC and BHI were notified that this review was complete.
- On May 31, 2018, MLMIC’s Board of Directors unanimously approved the Company’s Plan of Conversion and submitted it to the Department for approval. The Plan, among other items, outlines how eligible policyholders will be allocated cash consideration from the Sponsor if the transaction is approved by MLMIC policyholders eligible to vote on the transaction and by the Department.
- On June 1, 2018, the Department completed its financial examination of MLMIC.
MLMIC and the Sponsor will continue to work diligently on the remaining steps of the sponsored demutualization process in an effort to complete the transaction by September 30, 2018, subject to approval by MLMIC policyholders eligible to vote on the transaction and approval by the Superintendent.
For more information about the transaction, please call 1-888-998-7871.