BUCKEYE MUTUAL INSURANCE COMPANY ACQUIRES MIDDLE GEORGIA MUTUAL INSURANCE COMPANY
PIQUA, OHIO - Buckeye State Mutual Insurance Company (BSMIC), a property and casualty insurer based in Piqua, Ohio has announced its agreement to affiliate with Middle Georgia Mutual Insurance Company (MGM) of Griffin, Georgia.
The agreement is contingent upon regulatory approval from the Ohio and Georgia Departments of Insurance, as well as the boards of both Buckeye and MGM, with a final closing expected by March 31, 2011. This affiliation will be through pooling and reinsurance agreements with BSMIC holding a majority on the MGM board. Terry R. Gordy will continue as President of MGM and report to R. Douglas Haines, President and CEO of BSMIC.
"We are a progressive company partnering with independent agents who share our vision to provide policyholders with quality insurance protection at competitive, stable rates, and we find Middle Georgia Mutual embraces the same business philosophies," says Douglas Haines.
Middle Georgia Mutual was founded in 1894, writing $6.7 million in direct premiums in 2010. Also categorized as a property and casaulty insurer, MGM markets their product in rural Georgia alinging effectively with Buckeye's current rural exposure in the Midwestern states of Ohio, Indiana, Kansas, Iowa, Nebraska, South Dakota and Colorado.
"The affiliation with Buckeye comes at an opportune time for MGM, allowing us to expand our products in Georgia while utilizing Buckeye's back office funciotns in order to streamline expenses," says Terry Gordy.
BSMIC offers personal auto, home, farm, farm auto, dwelling fire, and personal umbrella insurance. Buckeye has positioned the stability and success of their company on the strength of their partnership with over 170 independent agents. They concluded 2010 with direct written premiums in excess of $62 million.
"We look forward to a long lasting affiliation with Middle Georgia Mutual and are excited by the opportunities it provides for each company," says Haines.
Additional information about Buckeye State Mutual Insurance Company is available at www.buckeye-ins.com.