Topsail Re, a Cayman Islands-domiciled reinsurer, will join Mutual Re’s ownership group effective January 1, 2026, joining Farm Bureau Mutual of Michigan, Farm Bureau Mutual of Kentucky, Motorists Mutual (Encova Mutual Insurance Group) and Mutual of Virginia.
Mutual Re is a joint reinsurance underwriting association that underwrites business through reinsurance intermediaries and is headquartered in Cherry Valley, Illinois. The company provides reinsurance to many different insurance companies in the United States.
Mutual Re will remain fully capitalized from January 1, 2026, with combined policyholder surplus of more than $5 billion across its five hypothetical companies.
John Meyers, President and CEO of Mutual Re, commented: “We are pleased to announce the addition of Topsail Re to our existing group of owners. They are a well-known reinsurer with strong connections throughout the insurance industry. We look forward to working with them to continue serving the mutual industry.
“We would also like to thank all cedants and brokers who expressed interest and/or recommended the company to Mutual Re, and in particular BMS Re, for helping bring the relationship between Topsail Re and Mutual Re to fruition.”
Jay Bishop, chief underwriting officer at Topsail Re, added: “Topsail Re is delighted to become the owner of Mutual Re and further expand our reinsurance support to the mutual insurance industry.
“This partnership supports our strategy of developing long-term, profitable relationships with like-minded companies.”
