The board of a mutual life insurance company, Providence Mutual, has decided to demutualize (reorganize as a stock insurer) so that they can more easily acquire other financial entities. What is the most likely reason they are demutualizing to achieve their acquisition goals?

Select one:

a. Because mutuals aren't allowed to acquire other companies

b. To get access to immediate capital

c. So they become a for-profit insurer

d. To be exempt from federal regulation