Vermont Business Magazine Auto-Owners Insurance and Concord General Mutual Insurance have announced that their affiliation has been approved effectiveApril 1, 2017, by policyholders and all regulatory bodies. Auto-Owners is an AMBest A++ (Superior) rated multi-line property and casualty insurer, operating solely through independent agencies in 26 states. New Hampshire-based Concord General Mutual Insurance is a leading property and casualty insurance provider through independent agencies inVermont,Maine,New HampshireandMassachusetts.Michigan-based Auto-Owners also owns a life company and an excess & surplus lines company.
"The combining of capabilities will allow us to expand our product and premium base and help support theConcordname in the (New England) region," saidLinda Day,Concord'spresident and CEO.
Jeff Harrold, Auto-Owners Insurance chairman and CEO, stated, "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. AddingConcordand its affiliates to the Auto-Owners family of companies will present tremendous synergies and opportunities for growth on a superior financial platform, providing increased value to agents, their customers and our companies."
The Lansing (MI) State Journal reported last December that Auto-Owners would assume control of Concord's board once the deal closed in the second quarter of 2017. The same article said Auto-Owners acquiredNorth Carolina-basedAtlantic Casualty Insurance Colast summer and it has 4,700 employees systemwide; Concord is represented by 500 agents.
According to Insurance Journal, Concord would retainits name and become a member of the Auto-Owners group of companies.
SOURCE LANSING, Mich.andCONCORD, N.H.,April 5, 2017/PRNewswire/ --Auto-Owners Insurance