AmFam & Main Street America Merger Approved
Members of American Family have voted to approve the company’s merger with Florida-based Main Street America.
The merger was approved today at American Family’s headquarters in Madison, receiving more than 86% support from votes cast by proxy or in person. Main Street America members approved the merger at a member meeting Oct. 19, with more than 90% of votes cast in favor.
“Today’s approval affirms our policyholder members’ trust in us as their insurance partner – and for that American Family is extremely grateful. As a company, we are deeply focused on building trust in everything that we do, from exceptional service, to customer-focused products, to support of communities where we do business. The merger with Main Street helps us improve in each of these areas.” – American Family Chair and CEO, Jack Salzwedel.
Main Street America has a robust commercial insurance business, and its strong presence in east coast states complements the American Family brand footprint and helps reduce the geographic concentration risk of Midwest storms. While American Family sells its branded products primarily through exclusive agents, Main Street America uses independent agents, offering the American Family group of companies a new sales channel.
“Our policyholder members’ positive vote in support of our merger with American Family ensures we will continue to offer high-quality products and services through independent insurance agents for generations to come . Our commitment to our members remains stronger than ever, and we will utilize our combined capabilities to strengthen the service we deliver.” – Main Street America’s President and CEO, Tom Van Berkel.
Main Street America will operate as a stand-alone brand within the American Family Insurance group, similar to The General and Homesite, acquired in 2012 and 2013, respectively. The combined equity of the merged entities is expected to be more than $9 billion.