The acquisition is expected provide access to a complementary and highly attractive market segment
Auto Club Insurance Association (ACIA) has agreed to acquire MEEMIC Insurance Company and its insurance agency affiliate, MEEMIC Insurance Services.
Formerly known as Michigan Educational Employees Mutual Insurance Company, MEEMIC is headquartered in Auburn Hills, Michigan and provides auto, homeowners, boat and umbrella insurance to employees of educational institutions and their families. It is owned by GMAC Financial Services and its affiliates.
ACIA is a provider of auto insurance in Michigan. It offers a full range of personal lines insurance products and services. ACIA is an affiliate of AAA Auto Club Group which provides membership, travel and financial services.
According to Auto Club Insurance Association (ACIA), the acquisition will provide access to a complementary, highly attractive market segment, a platform for growth in other states and economic synergies. Following the closing, MEEMIC will operate as a wholly owned subsidiary of ACIA. It will be managed separately from ACIA’s existing insurance operations and continue to operate under the MEEMIC name.
The transaction is expected to close early in the second quarter of 2009, it is subject to applicable legal and regulatory approvals.