Main Street America Insurance, a prominent provider of commercial and personal insurance products, is owned by American Family Insurance. This ownership was established through a merger that was finalized on October 31, 2018.
The merger did not involve a capital outlay by either company, and it was approved by the boards of directors and policyholder members of both organizations, as well as state insurance regulators from multiple states including Wisconsin, Florida, Indiana, Minnesota, and South Carolina .
American Family Insurance, headquartered in Madison, Wisconsin, is the thirteenth-largest property and casualty insurer in the United States. The merger allowed American Family Insurance to extend its reach, particularly on the East Coast, where Main Street America has a significant presence. This strategic move also diversified American Family’s product offerings and geographic risk. Before the merger, American Family primarily operated through exclusive agents in 19 states, while Main Street America worked with independent agents across 37 states .
Main Street America, which has roots dating back to 1923, continues to operate as a stand-alone brand within the American Family Insurance group. This operational structure is similar to American Family’s other acquisitions, such as The General and Homesite, which were integrated into the group in 2012 and 2013, respectively. Despite the merger, Main Street America maintains its commitment to its independent agent distribution model, which is a cornerstone of its business strategy .
The merger has facilitated significant benefits for both companies. For American Family, it introduced a broader array of commercial insurance products, enhancing its offerings beyond the personal lines it was traditionally known for. For Main Street America, the merger provided access to American Family’s advanced technology platforms, enabling quicker product deployment and streamlined transactions for agents and customers. This technological integration is expected to enhance the overall customer experience and operational efficiency .
Leadership changes followed the merger, with key executives from Main Street America joining American Family’s board of directors. Chris Listau, who became President and CEO of Main Street America in 2019, has been instrumental in steering the company through the integration process. His leadership is focused on leveraging the synergies between the two companies to foster growth and innovation .
In summary, the ownership of Main Street America Insurance by American Family Insurance represents a strategic merger aimed at expanding market reach, diversifying product lines, and enhancing technological capabilities. The merger underscores a collaborative approach to leveraging the strengths of both entities to benefit policyholders and independent agents alike.