First Commercial Converts From Mutual to Stock Company

First Commercial Mutual Company (FCMC), a workers’ compensation insurer based in Miami Lakes, Fla., converted from an assessable mutual insurer to a stock insurer and changed its name to First Commercial Insurance Company (FCIC). The company stated the change will release existing and future policyholders from exposure to costly policy assessments on workers’ comp coverage. Additionally, the company believes the conversion will give it greater capabilities and more diverse product offerings for the small business community.

Company leadership said it remains committed to primarily providing coverage to small businesses through a network of independent agents and professional employer organizations. Reg Beane, the president of the converted entity said FCIC was thankful for the support and guidance from the Florida Department of Insurance noting, “their (FDOI) timeliness and direction was critical in allowing us to offer a better product to the small business community.”