The large insurer has now completed the acquisition that it had previously announced.
American Family has made insurance news by completing the acquisition of Permanent General Companies, as well as other PGC Holdings Corp. subsidiaries.
The purchase of the Tennessee based company had been previously announced and have now been completed.
The transaction was for a reported $239 million, which was paid to Capital Z Partners, the previous majority owner. It had been awaiting its final step in order to close the insurance news deal, which was the approval from the Ohio Department of Insurance. This was necessary as the three PGC Holdings owned companies were located within that state.
Officially, the insurance news was just announced thought he deal closed on December 31,2012.
The insurance news of the approval from the department was made on December 21. This allowed the final stages of the deal to be able to be completed so that it would be ready in time for the end of the year.
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According to the chairman and chief executive officer of American Family, Jack Salzwedel, “Permanent General is a strong, successful company in a fast-growing, profitable market segment.” He went on to add that “As far as we’re concerned, it’s ‘business as usual’ at the Nashville headquarters and the other PGC locations, as they operate with a high degree of autonomy.”
American Family is headquartered in Madison, Wisconsin. It is among the largest property and casualty mutual insurers in the United States. Its annual direct written premiums are reported to be approximately $5.4 billion. It currently sells its home, auto, business, life, farm/ranch policies within 19 different states. It accomplishes this goal through its 3,500 agent network who sell the company’s products, exclusively.
Permanent General, on the other hand, has made its insurance news by selling within the non-standard auto coverage marketplace by way of its subsidiaries, The General, and Permanent General. That company currently sells its products within 25 different states and does so by way of independent agents in some states, and from call centers and the internet in all of the states that it serves.