Minnesota-based Austin Mutual Insurance Company, a regional property and casualty insurer, announced it has completed its merger with Cooperative Mutual Insurance Co. located in Omaha, Neb.
The previously announced merger of the companies will result in projected combined assets of $178 million, with direct written premiums of $254 million. The merger has met both policyholder and regulatory approval.
Under the terms of the merger, policyholders of Cooperative Mutual are now policyholders of Austin Mutual, and the combined assets of both companies back their policies. All operations of Cooperative Mutual have been transferred to Austin Mutual.
Austin will retain Cooperative’s management, national distribution system, workforce, and the Omaha-based agribusiness office. All future policies and contracts will carry the name of Austin Mutual Insurance Co.
As part of the merger, Jeffrey Kusch will continue to lead Austin Mutual as chairman, president and CEO. The company will continue to offer the lines of business offered through Cooperative Mutual to customers in active agribusiness territories.
Source: Austin Mutual Insurance Company