Mutual Holding Company Structure
Effective October 1, 2020, Harford Mutual Insurance Company converted under Maryland law to a mutual holding company structure. Through the conversion, it formed Harford Mutual Insurance Group, Inc., (“HMIG”). HMIG is now the parent company to three stock underwriting insurance companies named Harford Mutual Insurance Company (our standard company for average risks), Firstline Insurance Company (our preferred company for above-average risks), and 1842 Insurance Company (our debit company for below-average risks); all of which are subject to regulatory approved underwriting guidelines. The structure also contains two non-insurance companies, which includes an intermediate stock holding company named Harford Holdings, Inc., and Gordon Street Properties, LLC, owning the Company’s real property.
Under the new mutual holding company structure, all existing and future policyholders of Harford Mutual Insurance Company retain their mutual ownership rights and automatically become members of HMIG. Further, all future policyholders of Firstline Insurance and 1842 Insurance will automatically gain mutual ownership rights with membership to HMIG. As a member with mutual rights in HMIG, you are entitled to one vote, either in person or by proxy, on each issue that comes before the meetings of the members, regardless of the number of policies you purchase.