Cryptonym: MHMUTUAL
MHMUTUAL was created in 1962 to provide death and disability benefits to agents and beneficiaries when security considerations preclude attribution to the US government. The losses during the Bay of Pigs prompted its establishment. (p. 193): SECRET Plans, Programs and Projects: Administrative Plans, Liquidation Plans, et al.: "In the furtherance of some Agency objectives it is necessary to establish, operate and support overt instrumentalities which do not have ostensible affiliation with the US government. These ostensibly private organizations which may be susceptible to scrutiny by a variety of tax and regulatory authorities, the press, hostile elements and others, require operational security of a high order. It is essential that they are established and managed in accordance with normal practices and requirements of the type of enterprise concerned, and that they are staffed with qualified personnel whose cover histories are compatible with such employment." At p. 264, memo on Project MHMUTUAL: "Particular attention will be given to avoiding any possible conflict of interest situations with firms with which the Agency has contracts. Particular concern will also be exhibited over possible improper influence on the stock market or stock dealings through the investments involved in MHMUTUAL."
Philip Agee and Louis Wolf, Dirty Work: The CIA in Western Europe (Dorset Press, 1978), pp. 128-129: https://www.scribd.com/doc/206354060/Dirty-Work-CIA-in-Europe-Philip-Agee
"Southern Capital and Management Company...is what is known in the intelligence trade as a proprietary. It is, in other words, a wholly owned and operated subsidiary of the CIA. (Note: The Church Committee referred to it as "The Insurance Complex"...Southern Capital, our starting point, takes the CIA straight to Wall Street. It is the investment arm of an assortment of proprietary financial companies, located mainly in foreign tax havens such as the Bahamas, Bermuda, the Cayman Islands, and Panama. Southern Capital was created in 1962 as a front insurance company to provide coverage for agents and equipment involved in covert operations-particularly those connected to ClA-owned airlines. ...On this committee - which was called the MHMUTUAL group - sat the CIA's chief of budgeting, the director of finance, and the head of the office of economic research. This last member was particularly important, according to an inside CIA source, because he enabled Southern Capital to draw on the advice of the (CIA's) economic research people. Any stockbroker would like 300 trained experts giving advice.'"
https://www.archives.gov/files/research/jfk/releases/157-10014-10144.pdf - 129 and 136 of 264.
"MHMUTUAL is a complex of insurance companies, most of which are located abroad, operated by the Agency to provide the following services: Reinsurance of aircraft damage or liability risks...extending term life insurance, annuities, (et al.)...for independent contractors and agents working for the Agency who are not entitled to US government benefits; handling escrow accounts for agents; limited operational support activities, i.e., holding real estate formerly used in Agency operations abroad; and investing in domestic and foreign markets to obtain earnings to fund the above. MHMUTUAL was created in 1962 to provide death and disability benefits to agents and beneficiaries when security considerations preclude attribution to the US government. The losses during the Bay of Pigs prompted its establishment...MHMUTUAL itself is only for covert non-staff officers of the CIA. In essence, it only works for those who would call themselves 'agents', those not entitled to participate in the CIA retirement plan or in the Civil Service Retirement Plan. They are primarily foreigners, and usually DDO employees. Those individuals who were formerly known as contract agents and who are now known as independent contractors also participate in MHMUTUAL."
05/08/73: Memo from James E. Flannery, Acting Chief, Western Hemisphere Division to Deputy Director for Operations: ..."5. On 7 May 1973 Marvin L. Evans, Chief, MHMUTUAL, was briefed on the substance of the report from WH/Miami pertaining to Juan A. Paula, who works for the MHMUTUAL proprietary, McKercher and Avant which utilizes (REDACTION) INC. as office space cover...Evans was unaware that Paula had purchased a new jewelry business in association with Antonio Genova; however he feels that MHMUTUAL is protected and compartmented from the WH/Miami proprietary and he has the utmost confidence in the proprietary being able to field any questions. MHMUTUAL communication with the proprietary is by unlisted phone and a post office box. Evans said that McKercher and Avant could possibly be linked to (REDACTION) but the trail would end there. He feels that either proprietary could only be linked to the Agency by innuendo. (He did say that Howard Hunt was aware of MHMUTUAL when he served as C/CA/EUR). Evans feels secure as far as (REDACTION) and McKercher and Avant are concerned. 6. Evans mentioned that the bona fide law firm occupying the other portion of the MHMUTUAL offices are the attorneys for John Dean. (These lawyers are cleared and witting). One of the lawyers told Evans that Dean will be the 'biggest canary singer of the year.' The common receptionist area is manned by MHMUTUAL employees who also monitor all telephone calls, incoming and outgoing for the other law firm. Evans mentioned that there have been numerous calls from the media...7. Evans will be traveling to Nassau and retuning via Miami on 10 May 1973. He intends to talk with his proprietary people at that time on other MHMUTUAL business..."
http://jfk.hood.edu/Collection/Weisberg%20Subject%20Index%20Files%20Original/C%20Disk/CIA%20Assets%20and%20Appropriations/Item%2005.pdf
At p. 2: "Southern Capital is what is known in the trade as a proprietary...a wholly owned and operated subsidiary of the CIA...(allegedly) the CIA's largest proprietary. Its work in managing the CIA's 30 million dollar investment portfolio is so secret...(known) as the Insurance Complex...it is the investment arm of an assortment of proprietary financial companies, located mainly in foreign tax havens such as the Bahamas, Bermuda, the Cayman Islands and Panama. Southern Capital was created in 1962 as a front insurance company to provide coverage for agents and equipment involved in covert operations - particularly those connected to CIA-owned airlines. The 'Insurance Complex' then branched out into other entrepreneurial ventures." At p. 7: L.Lee Bean, an attorney with the firm of Purcell & Neslon, set up the proprietary Anderson Security Consultants, Inc., originally based in Arlington and now in Springfield. "Anderson's ostensible function was to provide services to private industry, banks, and schools, but in fact its main job was to serve as the hidden operational arm in the Washington area in the CIA's Office of Security. The Senate Intelligence Committee deals with Anderson Security in its report, but calls it only 'the Security Project'." John Marks, "The CIA's Corporate Shell Game." John Marks, Washington Post, 7/11/76.