Marietta, Pa.-based Donegal Group Inc. completed the previously announced acquisition of all of the outstanding capital stock of an affiliated company, Le Mars Mutual Insurance Co. of Iowa, following the conversion of Le Mars to a stock insurance company for approximately $12.5 million.
Le Mars operates as a multiline carrier in Iowa, Nebraska, Oklahoma and South Dakota. Personal lines coverages represent a majority of premiums written, with the balance coming from farm owners and mercantile and service businesses. Le Mars’ largest line of business is private passenger automobile liability and physical damage; other principal lines include homeowners and commercial multi-peril.
Donegal CEO Donald H. Nikolaus described the purchase as the first step in the company’s move to expand operations in the Midwest. Donegal subsidiaries had primarily operated in the mid-Atlantic and Southeast.
Topics Mergers & Acquisitions
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