Columbus, Ohio-based Nationwide announced Feb. 5 that it entered into an agreement to acquire the renewal rights for surety and fidelity bonds issued by Main Street America Insurance, a unit of American Family Insurance.
Terms of the deal were not disclosed.
Nationwide said in a written statement that the acquisition expands its commitment to businesses and contractors, and that the addition of Main Street America’s capabilities and employees creates new opportunities for growth and innovation.
The two companies expect to close the agreement by the end of the first quarter, subject to customary closing conditions.
“Nationwide’s strength and stability have always been at the core of who we are. This acquisition allows us to build on that foundation by enhancing our Surety and Fidelity offerings and delivering even more value to our agents and customers,” said Nationwide CEO Kirt Walker, who also highlighted the companies’ “shared commitment to service and reliability.”
Candy Embray, Main Street America president said, “Main Street America has a strong reputation for partnering with agents to deliver pragmatic risk management solutions, which aligns with Nationwide’s approach. Together, we are working to ensure a seamless transition for our valued agency partners.”
Russ Johnston, president of commercial lines, Excess & Surplus, Specialty at Nationwide added, “Our surety business continues to be an area of strategic growth for us. Agents can expect the same level of service and stability they’ve come to trust, now backed by Nationwide’s scale, resources and financial strength.”
Source: Nationwide
Topics
Mergers & Acquisitions
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