American National Insurance Company (American National) and Farm Family Holdings Inc. (Farm Family ) announced that American National had completed its acquisition of Farm Family, a transaction valued at approximately $280 million.
According to the companies, the acquisition was accomplished through the merger of Farm Family and American National Acquisition Co., a wholly owned subsidiary of American National. It was announced that the Farm Family shareholders will receive $44 for each share of common stock and $35.72, plus any accrued and unpaid dividends, for each share of Series A preferred stock.
Farm Family, an insurance holding company, has over $1.3 billion in assets and had total revenues for the year ended December 31, 2000 of approximately $313 million. It is the parent of Farm Family Casualty Insurance Co.; Farm Family Life Insurance Co.; and United Farm Family Insurance Co., which are domiciled in New York and operate in twelve northeastern states. Farm Family Casualty and United Farm Family are specialized property/casualty insurers of farms, agricultural-related businesses, and both residents and businesses of rural or suburban communities.
Galveston, Tex.-based American National, has more than $9 billion in assets and had total revenues for the year ended December 31, 2000 of approximately $1.8 billion. Products and services offered by the American National family of companies include individual and group life and health insurance; annuities; personal lines property/casualty insurance; credit insurance; and mutual funds.. American National’s property/casualty subsidiary, American National Property and Casualty Company, is based in Springfield, Mo. and currently operates in 37 states.
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