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Cryptonym: MHMUTUAL

Definition:
An insurance program for non-staff covert CIA agents to receive death and disability payments.
Status:
Documented
Sources:

157-10014-10144: [No Title]

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."

Contributors:
Bill Simpich

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