Jacksonville-based Main Street America Group has reached an agreement with Minnesota-domiciled Spring Valley Mutual Insurance Co. to become an affiliate of the Florida super regional property & casualty insurance carrier.
The affiliation has been approved by the Minnesota Department of Commerce Insurance Commissioner's Office. The state's recent action follows approvals by the boards of directors of both companies, as well as approval by Spring Valley Mutual members at a special policyholders' meeting held in July 2011. Closing of the transaction is scheduled for Thursday, September 15; terms were not disclosed.
“The Main Street America Group's long-term strategy to sustain profitable growth is focused on spreading risk and increasing scale through geographic diversification,” says President, Chairman and CEO Tom Van Berkel. “This is why we have expanded into 11 new states over the past three years.”
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