The affiliation will give Main Street America a larger Midwest presence
The Main Street America Group has closed on an agreement to enable Indiana-domiciled Grain Dealers Mutual Insurance to be an affiliate of Main Street America.
The closing follows the approval by the Indiana Department of Insurance and affirmation by policyholders of Grain Dealers Mutual.
Tom Berkel, chairman, president and CEO of Main Street America, said: “Our affiliation with Grain Dealers Mutual is another key step in fulfilling Main Street America’s long-term strategy of sustaining profitable growth while spreading risk and increasing scale through geographic diversification.”
The other benefits of the affiliation are that the Grain Dealers will pool its premium, losses and underwriting expenses with other Main Street America Group companies.
Grain Dealers will, over time, gain access to Main Street America’s products, technology and infrastructure. It will maintain its brand name and continue to have binding authority.
Moreover, Main Street America will provide management oversight of Grain Dealers Mutual and its board of directors will replace Grain Dealers’ board of directors. The affiliation will give Main Street America a larger Midwest presence.