THE CONVERSION
On August 25, 2003, the Insurance Company’s board of directors unanimously adopted the plan of conversion. Under this plan, which was completed on October 15, 2004 with the Holding Company’s sale of approximately 862,000 shares at $10 per share in its initial public offering, the Insurance Company converted from a mutual to a Michigan stock insurance company.
The Insurance Company changed its name to Fremont Insurance Company. All of the Insurance Company’s stock was issued to the Holding Company, and the Insurance Company became a wholly owned subsidiary of the Holding Company.
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