“The Main Street America Group’s long-term strategy to sustain profitable growth is focused on spreading risk and increasing scale through geographic diversification,” said Tom Van Berkel, chairman, president and CEO of Main Street America.
The affiliation has been approved by the State of Minnesota Department of Commerce Insurance Commissioner’s Office. The state’s recent action follows approvals by the boards of directors of both companies, as well as approval by Spring Valley Mutual members at a special policyholders’ meeting. Closing of the transaction is scheduled for Thursday.
Spring Valley Mutual provides farm owners and homeowners coverage to approximately 6,000 policyholders throughout Minnesota. In 2010, Spring Valley generated $9.3 million in net written premium.
