Prudential Insurance Co. of America filed on Wednesday to become a public company, with plans to launch an initial public offering in the fourth quarter of this year.
The plan, filed with the New Jersey Department of Banking and Insurance, would change Prudential’s status from a mutual company, owned by its policyholders, to a public company owned by shareholders.
The plan involves distributing shares or cash to about 11 million policyholders. Both the New Jersey Department of Banking and Insurance and policyholders must approve the plan before it goes ahead.
The plan would allow the company to raise capital in the stock market for acquisitions and other purposes.
Cyber Attacks On Banks More Serious Than Public Realizes
E&O Insights: Restaurant and Tavern Risks
CEA’s First CIO Reflects C-Suite Trend
Golf and Country Clubs Weather the Storm
Midwest AGs Go After Storm-Chasing Roofing Companies
Medical Malpractice Payouts Not Driving Up Health Costs: Study
Florida Lawmakers Approve Medical Malpractice Reform
Industry Results Show Positive Signs for Workers’ Comp Line, NCCI’s Chief Economist Says
Sign up to receive insurance news alerts!
