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Finance committee  Can you repeat that?

May 1st, 2012Committee meeting

Karen Gavan

Finance committee  That's correct.

May 1st, 2012Committee meeting

Karen Gavan

Finance committee  No. You'll be a policyholder in a stronger, more competitive company going forward. You have to remember that—

May 1st, 2012Committee meeting

Karen Gavan

Finance committee  As a mutual policyholder.

May 1st, 2012Committee meeting

Karen Gavan

Finance committee  First of all, I'd like to direct you to look at our media release in response to that article because there are factually incorrect items in that article.

May 1st, 2012Committee meeting

Karen Gavan

Finance committee  He said 30% of policies are held by executives and brokers. That is wrong. Five directors, five out of nine directors, 11 out of 17 senior executives, and about 140 employees at all levels of the company—in head office, in branch offices scattered about—have policies, and 31 brok

May 1st, 2012Committee meeting

Karen Gavan

Finance committee  That includes our wholly owned stock subsidiaries where we, as a mutual company, actually own four federally regulated stock P and C insurance companies. Obviously they don't have a mutual policy. You can't possibly have a mutual policy in a stock company. Furthermore, mutual p

May 1st, 2012Committee meeting

Karen Gavan

May 1st, 2012Committee meeting

Karen Gavan

Finance committee  It is our view that the mutual policyholders benefit by selling their ownership interest. They have a legitimate, legal claim and right. They're selling their ownership interest, and they will receive some funds. It's premature to speculate on how it would be allocated and what t

May 1st, 2012Committee meeting

Karen Gavan

Finance committee  I understand your track exactly, and that's the point we've made from the outset. The mutual policyholders have the right to vote, so they control—

May 1st, 2012Committee meeting

Karen Gavan

Finance committee  Yes, and elect the directors. They have the right to receive distributions from the company. Our bylaws certainly don't limit it to the current year's earnings. Furthermore, they also have the right to any surplus assets on dissolution. That's even repeated in the winding-up ac

May 1st, 2012Committee meeting

Karen Gavan

Finance committee  When our company—

May 1st, 2012Committee meeting

Karen Gavan

Finance committee  When our company started looking at our strategic options, we immediately put a moratorium on accepting applications for mutual policies, because—

May 1st, 2012Committee meeting

Karen Gavan

Finance committee  —of this very issue.

May 1st, 2012Committee meeting

Karen Gavan

Finance committee  Exactly.

May 1st, 2012Committee meeting

Karen Gavan