Mellon Investor Services (MIS) - part of the global Mellon Financial Corporation - has been appointed demutualisation conversion agent and transfer agent for the US$113bn Principal Financial Group (PFG).
MIS will aid the design, implementation and execution of the process by which the Principal Mutual Holding Company will convert from a mutually held insurance company to a publicly traded stock company. MIS will also serve as PFG’s transfer and registrar agent once it becomes a publicly traded entity.
Principal Mutual Holding Company announced its intention earlier this year to convert from a mutual insurance holding company to a stock company. As part of this process, owners of eligible insurance policies and annuity contracts will exchange their membership interests for compensation in the form of stock, cash or policy/contract enhancement.
The process is expected to be completed between late 2001 and the first part of 2002.
By Madhu Kalia
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