US-based Auto-Owners Insurance has reached an agreement to purchase California-based insurance brokerage firm Capital Insurance Group (CIG) to bolster its business in the West Coast.
Founded in 1898, the acquired company offers property & casualty insurance in the western US.
Capital Insurance Group insures personal lines and range of commercial and agricultural businesses in California, Washington, Oregon, Nevada and Arizona.
Commenting on the deal, Auto-Owners chairman and CEO Jeff Tagsold said: “Capital Insurance Group is the premier regional independent agency carrier on the West Coast.
“Adding Capital Insurance Group and its affiliates to the Auto-Owners family of companies expands our operating footprint into four additional states, providing access to more families and businesses to insure, and giving us even greater geographic diversification.”
CIG president and CEO Arne Chatterton said: “We are eager to build on our 120-year legacy by aligning ourselves with Auto-Owners, a carrier committed to the independent agency system operating with high integrity and core values that align well with our own.”
Auto-Owners was founded in 1916. The multi-line property and casualty insurer writers business through over 47,500 licensed agents in 26 US states. It provides multiple lines of insurance, including life, home, auto and business.
Additionally, Auto-Owners manages a life insurance company, an excess and surplus lines company, and is affiliated with Concord General Mutual Insurance Company in the north-eastern US.
The acquisition is subject to regulatory approval.