Wisconsin Office of the Commissioner of Insurance Schedules Hearing for SU Insurance Co.

The Wisconsin Office of the Commissioner of Insurance (OCI) has scheduled a public hearing for September 21 to discuss a proposed restructuring of SU Insurance Co.'s ownership, with control potentially shifting to the Polaski Family Trust.

This hearing marks a significant step in compliance with Wisconsin's regulatory procedures concerning changes in control of domestic insurers. The proposal follows a comprehensive ownership review after the passing of Michael H. Polaski, whose trust previously controlled the company's voting shares. The successor trustees submitted a necessary Form A application, confirming the transition of control to them. Now, the restructuring plan involves replacing 15,200 voting shares with nonvoting common stock while transferring the remaining 200 voting shares, which represent all of SU Insurance Co.'s outstanding voting stock, to the Polaski Family Trust.

SU Insurance Co., founded in 2005 and part of the SU Group, is a property and casualty insurer based in Oak Creek, Wisconsin. The company specializes in coverage for equipment maintenance programs related to affiliated companies. As per OCI and AM Best, SU Insurance Co. is licensed to operate nationwide and holds an A- financial strength rating, respectively. This proposal sees Jennifer McFarland, Joseph Fallico, and Thomas Nichols poised to manage the trust. The virtual hearing will allow public input on the transaction, after which the Insurance Commissioner will decide if the acquisition complies with state regulatory standards.