Auto Club Insurance Association, a Dearborn, Mich.-based insurer (ACIA), has acquired MEEMIC Insurance Company (MEEMIC) and its insurance agency affiliate, MEEMIC Insurance Services Corporation.
ACIA offers a full range of personal lines insurance products and services through a network of 725 captive agents and more than 1,000 independent agents located throughout the Midwest. It is an affiliate of AAA Auto Club Group, which provides membership, travel, and financial services to more than 4.1 million members in Illinois, Indiana, Iowa, Michigan, Minnesota, Nebraska, North Dakota, and Wisconsin.
Headquartered in Auburn Hills, Mich., MEEMIC provides auto, homeowners, boat, and umbrella insurance to employees of educational institutions and their families. Its workforce includes approximately 130 employees and a network of more than 70 captive agents primarily serving customers in Michigan. It was previously owned by GMAC Financial Services and its affiliates (GMAC).
Steven D. Monahan, who most recently served as president and chief operating officer of ACIA, has been appointed as the new president and chief executive officer of MEEMIC. Under his leadership, MEEMIC will be managed separately as a wholly-owned subsidiary of ACIA and continue to operate under the MEEMIC name.
Friedman, Billings, Ramsey & Co. Inc. and Locke Lord Bissell & Liddell LLP served as exclusive financial advisor and outside legal counsel, respectively, to ACIA in connection with the acquisition. Bank of America Merrill Lynch and Foley & Lardner LLP served as exclusive financial advisor and outside legal counsel, respectively, to GMAC.
Source: Auto Club Insurance Association
Was this article valuable?
Here are more articles you may enjoy.