mutual insurance company
noun[C]
FINANCE,INSURANCEukus(alsomutual insurer)aninsurancecompanyownedbyitsmemberswho makeregularpaymentsinto afundthat willpaytheircostsif they have aloss,accident, etc. :
Thecompany, amutualinsurerownedbyitspolicyholders, saiditsnetworthdropped11% lastyear.