NU Online News Service, Aug. 6, 6:25 p.m. – Prudential Insurance Company of America, Newark, N.J., says 92% of the 4 million policyholders who voted on its demutualization proposal voted for the proposal.
Prudential started out as a publicly traded, shareholder-owned insurer, but it has been a policyholder-owned mutual insurer for decades. The company now wants to convert back to a stock charter, by using its stock compensate the policyholders for their loss of policy-based ownership rights. The company also wants to sell stock to outside investors through an initial public offering.
The company put the demutualization proposal to a vote that ended July 31.
