Dearborn, Michigan-based Auto Club Insurance Association (ACIA) has announced its acquisition of the Fremont Insurance Company by way of a merger with Fremont’s parent company, Fremont Michigan InsuraCorp, Inc.
The wide range of products offered by Fremont, its business position throughout northern and western Michigan, its strong relationships with independent agencies, and its solid financial performance are predicted to be advantageous to the ACIA from the very start, and should offer new potential and opportunities to both organizations.
Based in Fremont, Michigan, the acquired insurer offers property and casualty insurance to small businesses, farms, and individuals in the state. It employs about 75 people and has an independent agency network of about 170.
President and CEO Richard E. Dunning of Fremont will be keeping his current position within the company, continuing to lead as the insurer receives separate management in its new situation as a subsidiary that is entirely owned by ACIA.
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ACIA offers a wide selection of different types of personal insurance products and services through more than 600 captive agents and over 1,100 independent agents. This network is spread throughout the Midwestern states. ACIA is also an AAA Auto Club Group affiliate.
The financial advisor for Fremont was Philo Smith Capital Corporation, while Sherman & Company Holdings (previously called LMC Capital LLC) was ACIA’s financial advisor throughout this acquisition. Fremont received legal advice from Honigman Miller Schwartz & Cohn and Foster Swift Collis & Smith PC. ACIA, on the other hand, received its legal advice from Locke Lord Bissell & Liddell LLP.