Jacksonville, Fla.-based insurer The Main Street America Group said it has completed its acquisition of Great Lakes Casualty Insurance Company, a Michigan-domiciled private passenger auto insurance carrier, from Newco Financial Holdings Inc.
No transaction terms were announced.
The company said all Great Lakes personnel have become employees of Main Street America, including Great Lakes president Keith Fry, who will continue to operate the company out of its Grand Rapids, Mich., office. Great Lakes will also maintain its brand name.
“With its strong brand and statewide network of more than 100 independent agents, there are great opportunities to profitably grow our business throughout Michigan,” said Tom Van Berkel, Main Street America chairman, president and chief executive officer. “Initially, we will offer our personal auto and surety and fidelity bonds products, followed by the rollout of our homeowners' and commercial products in 2009.”
Great Lakes generated approximately $9.5 million in premium in 2007. The company has approximately 6,300 policyholders throughout Michigan.
With roots dating back to 1923, The Main Street America Group is a super-regional insurance company operating four property-casualty insurance carriers: NGM Insurance Company, Old Dominion Insurance Company, Main Street America Assurance Company and MSA Insurance Company.
The company offers commercial and personal insurance products as well as fidelity and surety bond products to individuals, families and businesses.
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