3. DESCRIPTION OF COMPANY
A. History
The Company was incorporated as a charitable and benevolent association under the laws
of New York on November 1, 1882 under the name American Protective Association. The
Company was licensed on January 25,1883 and commenced business on February 1, 1883.
In 1907, the name was changed to Columbian Protective Association and the home office
was moved to Binghamton, New York. At the same time, the Company commenced operations
as a cooperative life and accident and health insurance company.
On March 11, 1952, the Company converted to a mutual life insurance company and
adopted its present name. On December 30, 1996, Golden Eagle Mutual Life Insurance
Corporation merged with and into the Company. On November 30, 2005, Columbian Family Life
Insurance Company, (“CFLIC”) a subsidiary, merged with and into the Company. On February
28, 2006, Philanthropic Mutual Life Insurance Company (“PMLIC”), a Pennsylvania based
company, merged with and into the Company.
On October 1, 2007, Farmers and Traders Life Insurance Company (“F&T”), a New York
domestic life insurance company, merged with and into the Company. On November 26, 2008,
Mutual of Detroit Life Insurance Company (“MoD”) merged with and into the Company. On July
1, 2011, Unity Mutual Life Insurance Company merged with and into the Company.
On April 1, 2017, Securitas Financial Group, Inc. (“SFG”) sold its wholly owned
subsidiary, Securitas Financial Life Insurance Company (“SFLIC”), to an unrelated life insurance
company.
On June 29, 2021, the Company’s board of directors approved a strategic transaction with
Constellation. This strategic transaction includes the conversion of the Company to a stock
company and the issuance of all its newly issued stock to Constellation pursuant to a sponsored
demutualization. Upon closing, Constellation will invest up to $100 million to fund cash payment
to eligible policyholders and to significantly strengthen capitalization of the Company and CLIC.