RIVERWOODS, Ill., Dec. 11, 2018 (GLOBE NEWSWIRE) -- Federal Life Mutual Holding Company (“FLMHC”) has completed its conversion from a mutual to stock form of organization and has also completed the formation of a stock holding company Federal Life Group, Inc. (“FLG”). Federal Life Insurance Company (“FLIC”), which conducts the primary business of the consolidated group, is now a wholly owned subsidiary of FLG.
Along with the completion of the mutual to stock conversion of FLMHC, FLG completed a sale of 3,530,150 shares of its common stock at $10.00 per share in a stock offering to policyholders, directors, officers and employees of FLMHC and its subsidiaries, identified strategic partners, and Insurance Capital Group, LLC, (“ICG”) which served as the standby purchaser. The common stock of FLG is expected to commence trading December 12, 2018 on the Nasdaq Capital Market as (NASDAQ: FLF).
Additionally, William Austin, President and Chief Operating Officer of FLG and FLIC, has been promoted to President and Chief Executive Officer of FLG and FLIC, succeeding Joseph Austin, who has served as Chairman and Chief Executive Officer of FLIC since 1977, and who will continue to serve as Executive Chairman of FLG and FLIC.
Griffin Financial Group, LLC acted as sole placement agent for the offering. Stevens and Lee acted as counsel for Federal Life.
Gross proceeds of the offering are $35.3 million. Net proceeds to Federal Life Group after payment of transaction expenses are approximately $32 million.
About Federal Life Insurance Company
FLIC is an independently operated provider of quality life insurance and annuity products, incorporated in 1899. FLIC is headquartered in Riverwoods, Illinois, a suburb approximately thirty miles north of Chicago. FLIC is proud of its longstanding tradition of financial strength and stability and serves over 31,000 policyholders. www.federallife.com
About Insurance Capital Group
ICG is an opportunistic holding company which acquires and makes investments in insurance companies in targeted sectors with a focus on sponsored demutualizations and other complex conversion transactions. ICG’s objective is to create long term shareholder value as measured by growth in tangible book value through the ownership and oversight of our insurance company investments. www.insurancecap.com
Anders Raaum
ir@federallife.com