Main Street America, Austin Mutual Insurance Affiliation Finalized

The Main Street America Group, based in Florida, has completed the process of bringing Minnesota-domiciled insurance carrier, Austin Mutual Insurance Co., into the group as an affiliate.

The transaction has been approved by the State of Minnesota Insurance Commissioner’s Office and Austin Mutual policyholders. Based in the Twin Cities suburb of Maple Grove, Minn., Austin Mutual is a regional carrier that writes personal lines and commercial lines in nine Midwest and Western states.

Key elements of the affiliation include:

• Main Street America is providing Austin Mutual with a quota share reinsurance agreement.
• Austin Mutual will maintain its brand name and continue to sell its existing products through its independent agent network.
• Austin Mutual chairman, president and CEO Jeffrey Kusch will continue to oversee the company’s daily operations out of its Maple Grove headquarters and report to Main Street America Chairman, President and CEO Tom Van Berkel. Austin Mutual’s employees will continue to report up through Kusch.
• Main Street America will offer some of its products through Austin Mutual agents. This will begin in late July when Main Street America launches its Main Line Business Owners Policy and other commercial products in Minnesota via its Spring Valley Mutual Insurance Company agents and Austin Mutual agents.

Over the past few years, Main Street America has established a growing Midwest presence via its acquisition of Michigan-domiciled Great Lakes Casualty Insurance Co. in 2008 and two other affiliations: Indiana-domiciled Grain Dealers Mutual Insurance Company in 2009 and Minnesota-domiciled Spring Valley Mutual Insurance Co. in 2011.

Main Street America writes business through nine property/casualty insurance carriers: NGM Insurance Co., Old Dominion Insurance Co., Main Street America Assurance Co., MSA Insurance Co., Great Lakes Casualty Insurance Co., Grain Dealers Mutual Insurance Co., Main Street America Protection Insurance Co., Spring Valley Mutual Insurance Co. and Austin Mutual Insurance Co.

Source: Main Street America Group

Topics Minnesota