We are “financially strong” and “not for sale,” Church Mutual insists
Church Mutual has hit back at rumors it is courting private equity (PE) investment following ratings agency scrutiny and a challenging 2023, even as a former VP at the business has sought to get in on the action with what he has described as an employee-backed takeover and potential Islamic insurer launch.
“Church Mutual is NOT for sale,” a spokesperson for the insurer told IBA. “Church Mutual has been owned, 100%, by its policyholders since 1897.”
Bain Capital had been mooted as a possible contender in the frame to invest in Church Mutual. The PE firm last year channeled $200 million into another ailing church insurer, Guideone, assuaging ratings agency concerns. Guideone became what Bain referred to as the “inaugural” member of The Mutual Group (TMG). Bain Capital declined to comment when approached by IBA on Wednesday.