Motorists Mutual Insurance Company, an affiliate of The Motorists Insurance Group, has acquired Consumers Insurance USA, Inc., which markets niche products such as commercial auto, personal auto and garage coverage.
Tennessee and Ohio regulators, in addition to shareholders of Consumers Insurance Group, will approve the transaction. Consumers Insurance USA will become a wholly owned subsidiary of Motorists Mutual.
“Consumers is a strategic fit for us because it increases our geographic footprint into states where we want to write business, it’s staffed by talented, knowledgeable associates and it employs technological resources that make it an easy company for agents to do business with,” says Motorists president and CEO David L. Kaufman, ACAS, MAAA, in a statement.
After a 16% increase in M&A among insurance companies in 2013, analysts forecasted a steady rise in activity throughout this year. Their predictions have proven accurate with several deals completed in the first half of 2014.
Kelly Sheridan is the Staff Editor at Dark Reading, where she focuses on cybersecurity news and analysis. She is a business technology journalist who previously reported for InformationWeek, where she covered Microsoft, and Insurance & Technology, where she covered financial ... View Full Bio