Jacksonville, Fla.-based insurer The Main Street America Groupsaid it has completed its acquisition of Great Lakes CasualtyInsurance Company, a Michigan-domiciled private passenger autoinsurance carrier, from Newco Financial Holdings Inc.
|No transaction terms were announced.
|The company said all Great Lakes personnel have become employeesof Main Street America, including Great Lakes president Keith Fry,who will continue to operate the company out of its Grand Rapids,Mich., office. Great Lakes will also maintain its brand name.
|“With its strong brand and statewide network of more than 100independent agents, there are great opportunities to profitablygrow our business throughout Michigan,” said Tom Van Berkel, MainStreet America chairman, president and chief executive officer.“Initially, we will offer our personal auto and surety and fidelitybonds products, followed by the rollout of our homeowners' andcommercial products in 2009.”
|Great Lakes generated approximately $9.5 million in premium in2007. The company has approximately 6,300 policyholders throughoutMichigan.
|With roots dating back to 1923, The Main Street America Group isa super-regional insurance company operating four property-casualtyinsurance carriers: NGM Insurance Company, Old Dominion InsuranceCompany, Main Street America Assurance Company and MSA InsuranceCompany.
|The company offers commercial and personal insurance products aswell as fidelity and surety bond products to individuals, familiesand businesses.
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