Wisconsin regulators to review proposed transfer of control of SU Insurance Co.

The hearing is part of a review required under Wisconsin law for changes in control involving a domestic insurer.

According to filings with the Wisconsin Office of the Commissioner of Insurance, the transaction would reorganize ownership of SU Insurance Co. through a trust structure associated with the Polaski family.

The proposed acquisition follows an earlier ownership review involving the Michael H. Polaski Trust. In 2024, successor trustees of the trust filed a Form A application after the death of Michael H. Polaski, whose trust owned the insurer's voting shares.

State regulators said control of the company passed to the successor trustees following Polaski's death.

Under the current proposal, SU Insurance Co. would issue 15,200 shares of nonvoting common stock in exchange for 15,200 voting shares held by the Michael H. Polaski Trust.

The filing states that the trust's remaining 200 voting shares, representing all outstanding voting shares of the insurer, would then be transferred to the Polaski Family Trust, making it the Co.'s controlling owner.

SU Insurance Co. is a Wisconsin-domiciled property and casualty insurer based in Oak Creek. The Co. was formed in 2005 as part of SU Group and provides coverage related to equipment maintenance programs offered through affiliated businesses.

OCI records show the insurer is licensed to write policies in all 50 states and the District of Columbia. The company has maintained an A- financial strength rating from AM Best since 2009.

According to regulatory filings, the proposed controlling trust would be overseen by trustees Jennifer McFarland, Joseph Fallico and Thomas Nichols.

OCI is accepting public comments on the transaction and will conduct the hearing virtually.

Following the hearing, the commissioner will decide whether the proposed acquisition meets Wisconsin insurance regulatory requirements and can proceed.

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