(Radio Iowa) – A Grinnell-based insurance company is asking Iowa’s insurance commissioner to approve a restructuring plan so it can sell stock. The company was founded in 1909 in Greenfield as the Iowa Farmers Reinsurance Association, it moved to Grinnell in 1938 and has been called Grinnell Mutual for the past six decades. It’s currently owned by policyholders, but Grinnell Mutual is asking state regulators to allow it to reorganize as a company owned by shareholders.

Iowa’s Insurance Commissioner held a hearing on the request yesterday (Wednesday). The Des Moines Register reports the company’s surplus has declined 31 percent since 2021, due to escalating insurance claims related to severe weather events.

Grinnell Mutual operates in 17 states and had over 700 employees.