Original sentence: On January 1, 2006, Ameritas Acacia Mutual Holding Company merged with the Union Central Mutual Holding Company of Cincinnati, Ohio and became UNIFI Mutual Holding Company.The Acacia Life Insurance Company was established in 1867 a mutual insurance company, owned by its policyowners.The new organization became Ameritas Acacia Mutual Holding Company.UNIFI Companies - Acacia Life.Union Central Life was originally established as a mutual life insurance company in 1867 and had formed its own mutual insurance holding company in 2005
Edited sentence: Acacia Life is among the few mutual life insurers that have not demutualized.Acacia Life’s whole life policyowners would receive an estimated $9,933 per policy and its other policyowners would receive $1,385 per policy in a demutualization according to financial data contained in Acacia Life’s 2005 Annual Statement to the National Association of Insurance Commissioners (NAIC), the company’s 2005 Annual Report and shown at.At the beginning of the 21st century numerous mutuals such as Prudential, MetLife, and John Hancock decided to demutualize and return to policyowners all the profits earned over the years.Despite that fundamental fact, they have managed to accumulate massive profits over the years by overcharging policyowners for insurance and paying them too little in dividends.Mutual life insurance companies were originally organized to provide insurance-at-cost.On January 1, 2006 Ameritas Acacia Mutual Holding Company merged with the Union Central Mutual Holding Company of Cincinnati, Ohio and became UNIFI Mutual Holding Company.Opponents of mutual insurance holding companies referred to it in New York as “legalized theft,” since the ownership interests of policy owners are extinguished without compensation.Policyowners for Demutualization of Acacia Life.Policyowners were awarded cash, stock and policy credits exceeding $100 billion in these demutualizations, which have been regarded as socially desirable.The Acacia Life Insurance Company was established in 1867 a mutual company owned by its policyowners.The new organization was named the Ameritas Acacia Mutual Holding Company.The type of reorganization undertaken by Acacia Life is not allowed in the state of New York, where attempts by mutual insurance to pass similar permissible legislation failed.Union Central Life was originally established as a mutual life insurance company in 1867 and it had formed its own mutual insurance holding company in 2005