Alfa Corp. has completed completion its previously approved plan of conversion and acquisition of Virginia Mutual Insurance Co. Virginia Mutual converted from a mutual company to a stock company and simultaneously has been recapitalized as Alfa Alliance Insurance Corp., a wholly owned subsidiary of Alfa Corp.
The conversion was approved in 2006 by the Virginia State Corporation Commission as well as Virginia Mutual policyholders. Virginia Mutual and Alfa companies have participated in a strategic affiliation agreement since August 10, 2001, which has now been terminated.
In 2006 Virginia Mutual had written premium of approximately $41 million and nearly 50,000 policies in force in North Carolina and Virginia. Alfa Alliance will participate in the inter-company pooling agreement which includes other Alfa affiliated companies.
Headquartered in Glen Allen, Va., Alfa Alliance will market its products under the Alfa Insurance name via a network of more than 200 independent agents throughout Virginia and North Carolina.
Alfa Alliance will immediately expand its operations to the state of Tennessee. Anthony Macourek, territory sales manager with over 15 years experience in the insurance industry, will oversee this expansion. Initially, 14 independent agencies will market both home and auto personal lines products in the middle and eastern parts of Tennessee. Alfa plans to develop its Tennessee distribution network to approximately 45 agencies by year-end 2007.
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