NGL seeks to restructure as mutual holding company

NGL Insurance Company , which markets preneed and individual life and annuities as well as group markets products, has filed a plan with the Wisconsin Office of the Commissioner of Insurance to restructure into a mutual holding company. Under the proposal, NGL would convert to a stock insurer and become a wholly owned subsidiary of the new mutual holding company, with policyholders retaining ownership.

The move, subject to regulatory and policyholder approval, aims to give NGL greater financial flexibility while maintaining its mutual structure. A public hearing will be held, followed by a policyholder vote later this year. If approved, the reorganization is expected to take effect on January 1, 2026.

“With over a century of providing valuable insurance solutions, NGL understands the importance of a forward-looking approach and delivering on our promises. Transitioning to a mutual holding company marks a significant milestone in NGL’s journey. This structure enhances our ability to grow, adapt and invest in the future, while preserving our commitment to our policyholders, team members and partners. It positions us for long-term strength, flexibility and continued mutual benefit.” – Joe Celentano, President and CEO at NGL.