Jacksonville-based MainStreet America Group has reached an agreement withMinnesota-domiciled Spring Valley Mutual InsuranceCo. to become an affiliate of the Florida super regionalproperty & casualty insurance carrier.
|The affiliation has been approved by the Minnesota Department ofCommerce Insurance Commissioner's Office. The state's recent actionfollows approvals by the boards of directors of both companies, aswell as approval by Spring Valley Mutual members at a specialpolicyholders' meeting held in July 2011. Closing of thetransaction is scheduled for Thursday, September 15; terms were notdisclosed.
|“The Main Street America Group's long-term strategy to sustainprofitable growth is focused on spreading risk and increasing scalethrough geographic diversification,” says President, Chairman andCEO Tom Van Berkel. “This is why we have expanded into 11 newstates over the past three years.”
|Spring Valley Mutual, based in Spring Valley, Minn., providesfarm owners and homeowners coverage to approximately 6,000policyholders throughout Minnesota. In 2010, Spring Valleygenerated $9.3 million in net written premium. Like Main StreetAmerica, it offers its products through the independent agencydistribution system. It will continue to operate from its SpringValley headquarters and will become a part of Main Street America'sMidwest Region.
|The Main Street America Group operates seven property-casualtyinsurance carriers: NGM Insurance Co., Old Dominion Insurance Co.,Main Street America Assurance Co., MSA Insurance Co., Great LakesCasualty Insurance Co., Grain Dealers Mutual Insurance Co., andMain Street America Protection Insurance Co.
|The company currently writes nearly $900 million in premium andinsures more than 600,000 policyholders in 27 states and writesbonds in 44 states. A.M. Best Company rates The Main Street AmericaGroup as an “A” (Excellent).
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