Members of American Family Insurance Mutual Holding Company (American Family) have voted to approve the company’s merger with Florida-based Main Street America Group Mutual Holdings, Inc. (Main Street America). The merger was approved today at American Family’s headquarters in Madison, receiving more than 86 percent support from votes cast by proxy or in person. Main Street America members approved the merger at a member meeting Oct. 19, with more than 90 percent of votes cast in favor. “Today’s approval affirms our policyholder members’ trust in us as their insurance partner – and for that American Family is extremely grateful,” said Jack Salzwedel, American Family chair and CEO. “As a company, we are deeply focused on building trust in everything that we do, from exceptional service, to customer-focused products, to support of communities where we do business. The merger with Main Street helps us improve in each of these areas.” Main Street America has a robust commercial insurance business, and its strong presence in east coast states complements the American Family brand footprint and helps reduce the geographic concentration risk of Midwest storms. While American Family sells its branded products primarily through exclusive agents, Main Street America uses independent agents, offering the American Family group of companies a new sales channel. “Our policyholder members’ positive vote in support of our merger with American Family ensures we will continue to offer high-quality products and services through independent insurance agents for generations to come,” said Tom Van Berkel, Main Street America’s president and CEO. “Our commitment to our members remains stronger than ever, and we will utilize our combined capabilities to strengthen the service we deliver.” Main Street America will operate as a stand-alone brand within the American Family Insurance group, similar to The General and Homesite, acquired in 2012 and 2013, respectively. The combined equity of the merged entities is expected to be more than $9 billion. Service, coverage, premium rates and claims handling under existing American Family insurance policies are unaffected by the merger with Main Street America. The merger was previously approved by state insurance regulators in Wisconsin, Florida, Indiana, Minnesota and South Carolina, and by the American Family and Main Street America boards of directors. The merger is effective on Oct. 31. At that time, Tom Van Berkel and Idalene F. Kesner, a Main Street America board member since 2010, and dean and professor of strategic management at Indiana University Kelley School of Business, will join the board of directors of American Family Insurance Mutual Holding Company. ###
About American Family Insurance About Main Street America from http://newsroom.amfam.com/policyholder-members-approve-merger-with-main-street-america/
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