Search

Federal Life completes conversion to stock company

Updated: Nov 23, 2019


Significant milestone in Company’s rich history which dates back to 1899

RIVERWOODS, Ill., Dec. 11, 2018 (GLOBE NEWSWIRE) -- 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 Company

FLIC 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 Group

ICG 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



Insurance Capital Group
767 5th Avenue, 16th floor
New York, NY  10153
Main:  (212) 390-9400
Email:  info@insurancecap.com
The information on this website is protected by applicable U.S. and international copyright laws. No part of these materials may be reproduced, stored, or transmitted. In any form or by any means electronic, mechanical, photocopying, recording, or otherwise without Insurance Capital Group’s prior written approval. The information posted on this website is as of the date indicated and, to Insurance Capital Group’s knowledge, was accurate when posted. Insurance Capital Group is under no obligation to update or remove information other than as required by applicable law or regulation. 
© Copyright Insurance Capital Group 2018.