Am Fam merges with Main Street America
Members of American Family Insurance Mutual Holding Co. have voted to approve a merger with Florida-based Main Street America Group Mutual Holdings, Inc. (aka Main Street America), the Madison-based insurer announced. The merger received more than 86 percent of the votes cast by proxy or in person after Main Street America members overwhelmingly approved the merger at an Oct. 19 meeting.
Main Street America is a commercial insurance business with a strong east coast presence, and American Family notes the merger will help reduce the geographic concentration risk of Midwest storms. The Florida firm, which will operate as a stand-alone brand within the American Family Insurance group, uses independent agents and therefore offers a new sales channel to American Family companies, which sell branded products primarily through exclusive agents.