American Family, Main Street America Announce Merger

American Family Insurance and the Main Street America Group will pursue a merger, the companies announced on Friday. The merger, expected to close by year-end, has been approved by the companies’ boards of directors. It would require approval by mutual policyholders of both companies and state insurance regulators. Upon completion of the merger, Main Street America would operate as a stand-alone brand within American Family Insurance group. The merger would not involve capital outlay by either company. The combined equity of the merged entities is expected to be more than $9 billion. ...