Auto Club Insurance Association, a Dearborn, Michigan-based insurer, reported it has agreed to acquire MEEMIC Insurance Co. and its insurance agency affiliate, MEEMIC Insurance Services Corp.
ACIA is the second largest provider of auto insurance in Michigan based on net premiums written. It offers personal lines insurance products through 725 captive agents and about 1,000 independent agents located throughout the Midwest. ACIA is an affiliate of AAA Auto Club Group, which provides membership, travel, and financial services to over 4.1 million AAA members in eight states, including Illinois, Indiana, Iowa, Michigan, Minnesota, Nebraska, North Dakota, and Wisconsin.
Formerly known as Michigan Educational Employees Mutual Insurance Co., MEEMIC is headquartered in Auburn Hills, Michigan and provides auto, homeowners, boat, and umbrella insurance to employees of educational institutions and their families. It is owned by GMAC Financial Services and its affiliates (GMAC).
MEEMIC’s workforce includes approximately 130 employees and 70 captive agents primarily serving customers in Michigan.
Following the closing, MEEMIC will operate as a wholly-owned subsidiary of ACIA. It will be managed separately from ACIA’s existing insurance operations and continue to operate under the MEEMIC name.
The transaction is expected to close early in the second quarter of 2009, subject to applicable legal and regulatory approvals.
Source: Auto Club Insurance Association
Topics Mergers & Acquisitions Auto Michigan
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