Acacia life
Encyclopedia
The Acacia Life Insurance Company was established in 1867 as a mutual insurance
company, owned by its policyowners. Its headquarters are in Washington, D.C.
In 1997, it formed a mutual insurance holding company
, Acacia Mutual Holding Company of Washington, D.C. In that process, Acacia Life became a stock life insurance company wholly owned by its parent holding company.
In 1999, the Acacia Mutual Holding Company merged with Ameritas Mutual Insurance Holding Company. The latter had been formed in 1998 by the Ameritas Life Insurance Company of Lincoln, Nebraska
which had been established as a mutual life insurer in 1887. The new organization became Ameritas Acacia Mutual Holding Company. It was the first time two mutual life insurance holding companies had merged in the modern era. Organizationally, Ameritas Acacia Mutual Holding Company became the parent company with ownership of Ameritas Holding Company. The latter company, in turn, became the owner of 100% of the stock of both Ameritas Life Insurance Corporation and Acacia Life Insurance Company, which became stock life insurance companies.
On January 1, 2006, Ameritas Acacia Mutual Holding Company merged with the Union Central Mutual Holding Company
of Cincinnati, Ohio
and became UNIFI Mutual Holding Company
. Union Central Life was originally established as a mutual life insurance company in 1867 and had formed its own mutual insurance holding company in 2005.
Mutual insurance
A mutual insurance company is an insurance company which has no shareholders but instead is owned entirely by its policyholders. The primary form of financial business set up as a mutual company in the United States has been mutual insurance. Under this idea, what would have been profits are...
company, owned by its policyowners. Its headquarters are in Washington, D.C.
Washington, D.C.
Washington, D.C., formally the District of Columbia and commonly referred to as Washington, "the District", or simply D.C., is the capital of the United States. On July 16, 1790, the United States Congress approved the creation of a permanent national capital as permitted by the U.S. Constitution....
In 1997, it formed a mutual insurance holding company
Holding company
A holding company is a company or firm that owns other companies' outstanding stock. It usually refers to a company which does not produce goods or services itself; rather, its purpose is to own shares of other companies. Holding companies allow the reduction of risk for the owners and can allow...
, Acacia Mutual Holding Company of Washington, D.C. In that process, Acacia Life became a stock life insurance company wholly owned by its parent holding company.
In 1999, the Acacia Mutual Holding Company merged with Ameritas Mutual Insurance Holding Company. The latter had been formed in 1998 by the Ameritas Life Insurance Company of Lincoln, Nebraska
Lincoln, Nebraska
The City of Lincoln is the capital and the second-most populous city of the US state of Nebraska. Lincoln is also the county seat of Lancaster County and the home of the University of Nebraska. Lincoln's 2010 Census population was 258,379....
which had been established as a mutual life insurer in 1887. The new organization became Ameritas Acacia Mutual Holding Company. It was the first time two mutual life insurance holding companies had merged in the modern era. Organizationally, Ameritas Acacia Mutual Holding Company became the parent company with ownership of Ameritas Holding Company. The latter company, in turn, became the owner of 100% of the stock of both Ameritas Life Insurance Corporation and Acacia Life Insurance Company, which became stock life insurance companies.
On January 1, 2006, Ameritas Acacia Mutual Holding Company merged with the Union Central Mutual Holding Company
Union Central Life Insurance Company
Union Central Life Insurance Company was founded in Cincinnati, Ohio in 1867. It was established as a mutual insurance company.Among its founders were Norman Wait Harris, founder of Harris Bank....
of Cincinnati, Ohio
Cincinnati, Ohio
Cincinnati is a city in the U.S. state of Ohio. Cincinnati is the county seat of Hamilton County. Settled in 1788, the city is located to north of the Ohio River at the Ohio-Kentucky border, near Indiana. The population within city limits is 296,943 according to the 2010 census, making it Ohio's...
and became UNIFI Mutual Holding Company
UNIFI Companies
As a mutual holding company, UNIFI Mutual Holding Company, commonly referred to as UNIFI Companies is the parent company, which owns Ameritas Holding Company. Ameritas Holding Company, in turn, owns Ameritas Life Insurance Company, First Ameritas Life Insurance Corp...
. Union Central Life was originally established as a mutual life insurance company in 1867 and had formed its own mutual insurance holding company in 2005.