Jacksonville, Fla.-based Main Street America Group is adding Indianapolis-based property/casualty provider Grain Dealers Mutual Insurance Co. to its network of affiliates. Financial terms of the transaction, which has been approved by the boards of directors of both companies, were not disclosed.
The companies say that Grain Dealers Mutual president and CEO Don Malcom will continue to oversee the company’s daily operations out of its Indianapolis headquarters.
“We will be affiliating with a financially strong organization that is 100% committed to the independent agency system,” Malcom said in a statement. “This will greatly benefit our network of independent agents and our policyholders.”
Tom Van Berkel, chairman, president and CEO of Main Street America said the deal gives his company more geographic diversification, noting 107-year-old Grain Dealers Mutual currently provides coverage in nine states.
“Grain Dealers Mutual has a strong brand and serves a market niche that is similar to Main Street America’s," Van Berkel said. "They are a good cultural fit for us."
With the deal expected to close early in the fourth quarter of 2009, the transaction is still subject to regulatory approval from the State of Indiana Department of Insurance.
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