American Family will bring a Florida insurance company, Main Street America, within its fold as of Oct. 31.
Members of American Family Insurance Mutual Holding Co. voted to merge with Main Street America Group Mutual Holdings. The proposal was approved by more than 86 percent of those who cast ballots by proxy or in person, at a special meeting Wednesday. American Family has about 3.7 million policyholder members.
Main Street America members endorsed the merger Oct. 19, and regulators in Wisconsin, Florida, Indiana, Minnesota and South Carolina also had approved it.
Main Street America, of Jacksonville, Florida, will operate as a stand-alone brand within Madison-based American Family and will maintain its own name.
The combined company is expected to have total equity of more than $9 billion — surplus available in case of unusually high claims.
Main Street America has a strong commercial insurance business and a significant presence on the East Coast, which will complement American Family’s footprint and spread its geographic risk across a wider area, the Madison company said.
In 2017, American Family reported a record high of $1.5 billion in storm losses, with the biggest portion, $362 million, from a wind and hail storm in Wisconsin and Minnesota.
American Family is the nation’s 13th largest property/casualty insurance group.