Greensburg, Ind.-based MainSource Financial Group announced it sold the property and casualty and health insurance book of businesses related to its insurance subsidiary, MainSource Insurance (MSI), to Encore Insurance Group LLC, effective Oct. 1, 2010.
As a result of the transaction, MainSource Financial Group will book a pre-tax gain of approximately $900 thousand.
According to MainSource Financial President and Chief Executive Officer Archie M. Brown Jr., “This transaction allows MainSource Financial Group to focus on our strengths, which are to provide a robust set of banking and investment products to our customers. We are separating our interests in property and casualty insurance, as well as health insurance, from our core business model and allowing Encore Insurance Group to focus solely on this area. However, MainSource Bank will continue to offer annuities and credit life insurance to our customer base as the products align very well with our core business model.”
Encore Insurance Group LLC. will be managed by the current management team from MainSource Insurance. Jerry J. Vollmer will serve as president and CEO of Encore Insurance Group. He previously served as president of MSI for the past 10 years.
In addition, Encore Insurance Group will retain most of the current MSI agents. Customers of MainSource Insurance will not see a change in their current insurance coverage, policy number or carrier.
“Our agents will remain in the towns where they currently operate, providing convenient, local service to the communities we have served for so many years,” Vollmer said.
Source: MainSource Financial Group
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