Donegal Insurance Group announced Friday that it has reached an agreement to buy all outstanding shares of Michigan Insurance Co. from West Bend Mutual Insurance Co.Michigan Insurance, which does business exclusively in Michigan, had $106.6 million in direct written premiums in 2009, Donegal said in a press release.The Milwaukee Business Journal reported that West Bend plans to use the capital raised from the sale, in part, to grow Argent, a monoline workers' compensation division that West Bend launched in April 2010.Donegal predicted a $39 million sales price for Michigan Insurance, but ...
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