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.
Was this article valuable?
Here are more articles you may enjoy.
Experian Launches Insurance Marketplace App on ChatGPT 
CFC Owners Said to Tap Banks for Sale, IPO of £5 Billion Insurer 
Insurify Starts App With ChatGPT to Allow Consumers to Shop for Insurance 
Kansas Man Sentenced for Insurance Fraud, Forgery 
