American Family Insurance, a P&C mutual insurance company, is acquiring PGC Holdings Corp. (Permanent General Co.s) and its subsidiaries, including non-standard auto insurers Permanent General and The General. Closing of the $239 million transaction is targeted for later this year, subject to regulatory approval.
American Family says Permanent General Co.s will remain a completely separate brand from American Family, and will continue to operate as a separate entity. Employee positions will be retained, and Randy Parker will continue in his role as Permanent General’s CEO.
American Family agents will remain exclusive agent sellers of American Family products, says the company. Independent agents who sell Permanent General products will not sell American Family products.
American Family says it also will purchase Lumbermens Casualty Insurance Co. (LCIC), a subsidiary of Lumbermens Mutual Casualty Co. The purchase gives American Family the flexibility to expand into other states in the future. LCIC, a shell company, has P&C licenses (auto, homeowners and umbrella) in about 40 states. The sale is scheduled to be finalized on Oct. 1.
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