Buckeye State Mutual Insurance Co. (BSMIC), a property and casualty insurer based in Piqua, Ohio, has agreed to affiliate with Middle Georgia Mutual Insurance Co. (MGM) of Griffin, Ga. The agreement is contingent upon regulatory approval from the Ohio and Georgia Departments of Insurance, as well as the boards of both Buckeye and MGM.
The closing is expected by March 31, 2011.
BSMIC will hold a majority on the MGM board. Terry R. Gordy will continue as president of MGM and report to R. Douglas Haines, president and CEO of BSMIC.
Middle Georgia Mutual was founded in 1894, writing $6.7 million in direct premium in 2010. Also categorized as a property and casualty insurer, MGM markets their product in rural Georgia aligning effectively with Buckeye’s current rural exposure in the Midwestern states of Ohio, Indiana, Kansas, Iowa, Nebraska, South Dakota and Colorado.
BSMIC offers personal auto, home, farm, farm auto, dwelling fire, and personal umbrella insurance. Buckeye has positioned the stability and success of their company on the strength of their partnership with over 170 independent agents. They concluded 2010 with direct written premiums in excess of $62 million.
Aon Benfield Securities Inc. acted as financial advisor to Middle Georgia Mutual on the transaction.
Topics Mergers & Acquisitions Georgia Ohio
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