Policyholders and regulatory bodies have given their nod to an affiliation agreement between Auto-Owners Insurance and Concord General Mutual Insurance.
The agreement took effect at the start of this month.
Auto-Owners is an AM Best A++ (Superior) rated property and casualty insurer that offers multi-line products. It operates exclusively through independent agents across 26 states in the country. It also has life, and excess and surplus lines subsidiaries.
Similarly, Concord operates through a network of independent agencies in four states in New England.
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“The combining of capabilities will allow us to expand our product and premium base and help support the Concord name in the region,” Concord president and chief executive Linda Day said in a PR Newswire report.
Similarly, Auto-Owners chairman and chief executive Jeff Harrold expressed enthusiasm about the deal.
“We are excited about combining the efforts of these two groups of companies to expand our geographic reach into New England with additional products and services. Adding Concord and its affiliates to the Auto-Owners family of companies will present tremendous synergies and opportunities for growth…” Harrold said in the same statement.
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