Retailers Assn. Announces New, Michigan-Based Insurance Company

The first completely new insurance company established in Michigan in six years was announced today with the Michigan Retailers Association’s launch of the Retailers Mutual Insurance Company.

Retailers Mutual is a provider of workers’ compensation insurance to businesses, non-retail as well as retail. The new insurer was established by conversion of Retailers Fund, Michigan Retailers’ highly successful group self-insured workers’ compensation program.

Approval for the conversion was given by the state Office of Financial and Insurance Services (OFIS) and the state Workers’ Compensation Agency, as well as by trustees and participants of Retailers Fund and by the MRA Board of Directors.

According to Larry Meyer, MRA chairman and CEO, who will also serve as the CEO of the insurance company, the creation of the company was the next logical step in the workers’ compensation program that was established in 1981.

Michigan Insurance Commissioner Linda A. Watters said the creation of the new insurance company reflects the positive Michigan business environment.

Retailers Mutual is headquartered at MRA offices in downtown Lansing and officially began operations on January 1, 2006. The nearly 1,000 Retailers Fund participants automatically became Retailers Mutual policyholders on that date. Policies are sold through independent insurance agents and MRA’s regional marketing representatives.

Company officials said they opted to buck a national trend of incorporating insurance companies “off-shore” because “the company’s roots and policyholders are in Michigan and we are committed to the future of Michigan.”

Businesses and insurance agents wanting information about the new company and its insurance policies can reach Retailers Mutual at (800) 366-3699.

The Michigan Retailers Association is the nation’s largest state trade association of general merchandise retailers.

Topics Carriers Workers' Compensation Michigan