The Main Street America Group announced that Minnesota-domiciled Spring Valley Mutual Insurance Co. has agreed to become an affiliate of super regional property/casualty insurance carrier Main Street America.
Spring Valley Mutual, based in Spring Valley, Minn. (110 miles south of Minneapolis-St. Paul), 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.
Founded in 1883, the company’s rural heritage is very similar to Main Street America’s roots, as is its firm commitment to the independent agency distribution system.
Key elements of the affiliation include:
- Beginning in 2012, Spring Valley will pool its premium, losses and underwriting expenses with other Main Street America Group companies.
- Spring Valley will continue to sell its products through its statewide network of 60 independent agents and will continue to have binding authority. Over time, Spring Valley will gain access to Main Street America’s products and infrastructure. This process will begin in 2012 when we introduce our full line of commercial products in Minnesota.
- Spring Valley Mutual’s 128-year-old brand name will continue to be used in the Minnesota marketplace.
- Main Street America will provide management oversight of Spring Valley Mutual and its board of directors will replace Spring Valley Mutual’s board of directors.
- Spring Valley Mutual will continue to operate from its Spring Valley, Minn., headquarters and become a part of Main Street America’s Midwest Region. Mike Soldan will remain as president of Spring Valley Mutual and report to Main Street America Midwest Region president Henry Pippins.
Main Street America has entered 11 new states across the country since fourth quarter 2008 via acquisitions, affiliations and partnerships, as well as expanded its market presence in 16 Eastern Seaboard states.
Source: Main Street America