MainSource Financial Group has sold the property and casualty and health insurance book of businesses related to its insurance subsidiary, MainSource Insurance (MSI), to Encore Insurance Group.
MainSource Financial Group said that as a result of the transaction, it will book a pre-tax gain of around $900,000.
Jerry Vollmer, currently president of MSI, will serve as the president and CEO of Encore Insurance Group. In addition, Encore Insurance Group will retain most of the current MSI agents.
MainSource president and CEO Archie Brown said that this transaction allows the company to focus on its strengths, which are to provide a robust set of banking and investment products to customers.
“However, MainSource Bank will continue to offer annuities and credit life insurance to our customer base as the products align very well with our core business model,” Brown said.