Important Announcement
Mutual of Detroit Life Insurance Company and Columbian Financial Group, of Binghamton, New York, have announced their planned combination. The combination of these two financially strong insurance organizations will create a new, even stronger and more vibrant organization. Assets will approach $1.2 billion and surplus will approach $100 million. The new organization will maintain operations in both cities.
The Columbian Financial Group of life insurance companies, is licensed in all 50 states and have 260 full-time employees. The lead company in the group, Columbian Mutual, is domiciled in New York and celebrated its 125th anniversary in 2007. In 2006 and 2007, Columbian completed mergers with Philanthropic Mutual Life Insurance Company and Farmers & Traders Life Insurance Company, respectively.
Additional news regarding this planned combination will be posted here as developments occur.
About Mutual of Detroit
Founded in 1941, Mutual of Detroit has provided reliable and affordable life insurance protection for our policyowners for over sixty years. We attribute our longevity to our belief in the importance of life insurance to the American family and our commitment to providing excellent products and service to our policyowners.
Mutual of Detroit products are designed to meet the basic life insurance protection needs of middle income consumers. We serve this marketplace through two distribution channels - career agency and independent agents.
Mutual of Detroit is a purely mutual insurance company and is controlled by our policyowners. The Company has maintained a conservative management and investment philosophy to achieve measured growth and safety for our policyowners.
The Company has a high quality investment portfolio represented by bond holdings that are virtually 100% investment grade. Mutual of Detroit does not hold commercial mortgages or investments in real estate, and over nine-tenths of our invested asset portfolio is in bonds, giving the Company excellent overall liquidity.
Primarily through a pattern of consistent operating gains, the Company has regularly made additions to surplus. As a result, Mutual of Detroit maintains an excellent surplus position that is more than adequate to support its current insurance and investment risks. Standard's Independent Comparative Report ranks Mutual of Detroit's margin of assets over liabilities as considerably higher than that of the 25 largest life insurance companies. A. M. Best has consistently rated Mutual of Detroit B++, "Very Good".
Mutual of Detroit Insurance Company was incorporated under the laws of the State of Michigan as a cooperative assessment organization May 29, 1941 and began business July 24, 1941. Effective November 1, 1948, it absorbed the Detroit Mutual Accident Insurance Company, and on December 31, 1953, it was converted to a mutual legal reserve life and accident and health company.