The Main Street America Group is expanding to the Midwest and will acquire Michigan-based Great Lakes Casualty Insurance Co. from Newco Financial Holdings Inc.
The transaction was approved by the boards of directors of both companies, is subject to regulatory approval and shareholder approval, and is expected to close in late summer 2008. Financial terms were not disclosed.
Founded in 1997, Great Lakes Casualty generated approximately $9.5 million in direct written premium in 2007 and has more than 6,300 policyholders. The company will remain branded as Great Lakes Casualty and continue to be based in Grand Rapids, Mich.
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