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The Main Street America Group Completes Acquisition of Great Lakes Casualty Insurance Company
JACKSONVILLE, Fla. & GRAND RAPIDS, Mich.-(Business Wire)-October 2, 2008 - The Main Street America Group announced today it has completed its acquisition of Great Lakes Casualty Insurance Company, a Michigan-domiciled private passenger auto insurance carrier, from Newco Financial Holdings Inc.
All Great Lakes personnel have become employees of Main Street America, a super regional property-casualty insurance carrier based in Jacksonville, Fla. This includes 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 Main Street America chairman, president and CEO Tom Van Berkel. “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.â€
Great Lakes generated approximately $9.5 million in premium in 2007. The company has approximately 6,300 policyholders throughout Michigan.
About The Main Street America Group
With roots dating back to 1923, The Main Street America Group is a super regional insurance company that operates four property-casualty insurance carriers: NGM Insurance Company, Old Dominion Insurance Company, Main Street America Assurance Company and MSA Insurance Company. Based in Jacksonville, Fla., Main Street America offers a wide range of commercial and personal insurance products, and fidelity and surety bond products, to individuals, families and businesses.
With more than $850 million in direct premium written exclusively by nearly 1,200 independent insurance agents, Main Street America insures more than 500,000 policyholders in 19 states, primarily along the Eastern Seaboard from Maine to Florida, as well as Michigan, Oklahoma and Texas. The 85-year-old company has regional offices in Jacksonville; Keene, N.H.; Richmond, Va.; Syracuse, N.Y., and Grand Rapids, Mich., and a claims reporting center in Auburn, Mass. A.M. Best Company rates The Main Street America Group as an "A" (Excellent) due to its financial strength. The Main Street America Group is the founding company partner of Trusted Choice®, the global branding program of the Independent Insurance Agents & Brokers of America. For more information about The Main Street America Group, please visit www.msagroup.com.
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