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41908 Route 6 | PO Box 7 | Wyalusing, PA 18853


Mutual Capital Investment Fund Announces $56.25 million Capital Commitment

Mutual Insurance Industry to Benefit with Access to Growth Capital

[Wyalusing, PA – August 8, 2022] – Mutual Capital Investment Fund (“MCIF” or the “Fund”) is pleased to announce that it has received a $56.25 million capital commitment from a multi-billion dollar institutional investment manager. The investor has embraced the MCIF strategy that is premised upon raising capital from the mutual community and using that capital to make minority investments in the mutual insurance industry. To ensure that the mutual community has the opportunity to provide the majority of capital, the investor has agreed to limit its participation to 45% of the Fund. Additionally, the investor has indicated a strong interest in providing additional capital as a co-investor should a potential transaction require a higher level of financial support. As a result, MCIF now has the ability to evaluate and lead a mutual investment transaction of virtually any size.

In addition to this substantial investment, MCIF is currently processing commitments from additional members of the mutual community. Based upon activity to date, MCIF is quickly approaching its fundraising goal of $125 million.

To inquire more about MCIF, please feel free to contact:

This presentation is for informational purposes only and is not intended as investment advice or an offer or solicitation with respect to the purchase or sale of any security. Offers to sell or solicitations to invest in MCIF are made only by means of private placement memorandum, limited partnership agreement (or other organizational document) and any subscription agreement and in accordance with applicable securities laws.


Mutual Capital Investment Fund Announces Investment in Forge Group, Inc.

Mutual Capital Investment Fund, LP (“MCIF” or the “Fund”) a recently formed private fund focused on making investments in mutual holding companies and mutual insurance companies, announced its initial investment in common equity of Forge Group, Inc. (“Forge”) which closed March 11, 2022. The Fund purchased 556,335 shares of common stock issued by Forge in connection with the conversion of Amalgamated Casualty Insurance Company (“ACIC”) from a mutual to a stock company. ACIC, which will be renamed Forge Insurance Company, is now a wholly owned subsidiary of Forge. MCIF purchased approximately 27% of the 2,050,000 shares Forge offered.

Jay Chadwick, chairman of the Fund sponsor, Mutual Capital Group, Inc., stated “I am pleased that MCIF was in a position to commit over $5.5 million to the purchase of Forge stock. I have known Patrick Bracewell, chairman and CEO of Forge, for several years and believe in Patrick and the business plan of Forge. Patrick and his team are discerning. This transaction is a meaningful milestone in the plan that he and the board of Forge created to grow the company in a deliberate and profitable manner.”

Jason Wolfe, president and CEO of the Fund’s management company, Mutual Capital Investment Advisors, LLC stated “This is an exciting time for MCIF. After closing on our initial round of capital raising in December, we are extremely pleased to begin getting capital to work as part of ACIC’s conversion from a mutual to a stock company.” In addition to his role with the Fund, Mr. Wolfe is the lead independent director of Forge and has been a trustee of ACIC for the past 10 years. Mr. Wolfe also noted “The closing of this investment is further proof that MCIF’s strategy of being a patient, mutual-friendly source of capital is viable as we now turn our sights to other investment opportunities and the continuation of our capital raising efforts. We look forward to completing our capital raise, investing in other well-run insurance companies and producing attractive risk-adjusted returns to our limited partners.”

Patrick Bracewell, chairman and CEO of Forge, said “It has been a pleasure to work with MCIF on this transaction. The transition from mutual to stock form is not something our board took lightly. However, in the context of our long-term business plan, it was a transition we believe best positioned the organization for success.

Throughout the process, MCIF provided valuable counsel and unwavering support. It has been a pleasure getting to know Jay Chadwick over the past few years. Jay and his organization understand both the unique cultural aspects of mutual insurance companies and also the unique business issues facing mutual insurance companies. I have the benefit of having worked with Jason Wolfe for many years, so MCIF’s participation in our transaction was a natural evolution of our business relationship. Among other things, the Fund’s commitment to our transaction provided certainty of closing during what was a volatile period in the capital markets. Based on our own experience evaluating capital alternatives over the past two years, it is my belief that
Mutual Capital Investment Fund is truly differentiated and is uniquely positioned to be the “go-to” capital partner for other mutual insurance companies over time. I believe MCIF is well-positioned to generate attractive risk-adjusted returns for its investors while providing patient and supportive capital to mutual companies. I expect Forge will make a meaningful capital commitment to MCIF from our own investment portfolio and I look forward to seeing the Fund partner with other mutual insurance companies over time.”

For more information on the Fund contact:
Jay Chadwick: (570) 721-0342; jchadwick@mutualcapitalgrp.com
Jason Wolfe: (216) 256-8504; jwolfe@mutualcapitalfund.com
Jeffrey Waldron: (610) 223-8675; jeffrey.waldron@griffinfingroup.com


Mutual Capital Investment Fund Announces Initial Investor Closing

Mutual Capital Investment Fund, a newly formed fund focused on making investments in the mutual insurance industry, announced its initial investor closing of $28 million. The Fund will continue investor solicitation over the next year and seeks additional investment of approximately $100 million primarily from the insurance industry as well as other participants experienced in mutual insurance company investing.

The Fund sponsor is Mutual Capital Group, and its chairman, Jay W. Chadwick. “The goal of the fund is to provide ‘mutual friendly’ growth capital to mutual insurance companies and mutual holding companies,” Mr. Chadwick stated. “I have been a proud member of the mutual insurance industry for over 30 years; I believe in the model and want to perpetuate it. Mutuals can sometimes struggle with access to capital. The goal of the Fund is to provide mutuals with capital and help companies preserve mutuality if that is their goal. The accelerating trend of mutuals forming mutual holding companies should provide the Fund with ample investment opportunities.”

Jason Wolfe, an investment banker and a mutual insurance company board member, is the President and CEO of the Fund’s management company, Mutual Capital Investment Advisors, LLC. Mr. Wolfe is responsible for the day-to-day management of the Fund, solicitation of investors and identification of Fund investment opportunities. Mr. Wolfe noted “the Fund is a particularly attractive alternative investment for the mutual insurance industry. The Fund will be investing in companies that mutuals understand and will further the preservation of the mutual industry. The Fund has been structured so that a Fund investment will be an admitted asset for statutory purposes and quarterly reporting of the Fund value, supported by a recognized, independent valuation firm, which will provide mutuals with the information they need to fulfill their regulatory reporting obligations. We look forward to partnering with mutual insurance companies and assisting them with capital related needs for many years to come.”

Griffin Financial Group, LLC is acting as placement agent for the Fund.

For more information on the Fund contact:
Jay Chadwick: (570) 721-0342; jchadwick@mutualcapitalgrp.com
Jason Wolfe: (216) 256-8504; jwolfe@mutualcapitalfund.com
Jeffrey Waldron: (610) 223-8675; jeffrey.waldron@griffinfingroup.com