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Life Health > Life Insurance

Pennsylvania OKs Provident Demutualization

By Staff Writer

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NU Online News Service, Aug. 1, 12:28 p.m. – Nationwide Financial Services Inc., Columbus, Ohio, has moved a step closer to completing its proposed acquisition of Provident Mutual Life Insurance Company, Berwyn, Pa.

Provident, a company that sells life insurance, annuities and related products, is now a policyholder-owned mutual insurer.

Pennsylvania insurance regulators gave Nationwide permission Thursday to help Provident convert to a stock charter; compensate the Provident policyholders for their loss of policy-based ownership by giving them shares of Provident stock; then acquire Provident by trading Nationwide stock for the new Provident stock.

Provident must still hold a special policyholder meeting to get permission from its policyholders to go through with the plan, Nationwide says.

Nationwide hopes to complete the transaction around Oct. 1.

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