American Family Insurance buys PGC Holdings Corp.

Oct. 1, 2012

Oct. 1, 2012—American Family Insurance has acquired PGC Holdings Corp. and its subsidiaries for $239 million, according to a news release_notes.

The transaction is expected to close later this year.

“American Family Insurance will grow by reaching out to customers in new states and new markets, and also by strengthening our appeal to customers in our existing states,” said Jack Salzwedel, American Family chairman and chief executive officer. “This acquisition expands our holdings to include a company with different capabilities that also operates in some states we don’t currently serve. It also provides American Family an opportunity to learn from a company with successful experience in direct insurance sales.”

PGC Holdings, or Permanent General Companies, will continue to operate as a separate brand and a separate entity. All employees will stay on, and Randy Parker will remain Permanent General’s chief executive officer, according to a news release.

“This is an exciting day for PGC and our associates,” Parker said. “We are looking forward to the opportunities and potential growth that can be achieved by aligning with a company that is financially strong, service-driven and focused on providing outstanding value to its customers. We feel strongly that it’s the right time and right company for PGC to partner with as we continue to expand our national presence.”

American Family is also purchasing Lumbermens Casualty Insurance Company (LCIC), a subsidiary of Lumbermens Mutual Casualty Company in Illinois. The sale will be finalized on Oct. 1.

Sponsored Recommendations

Best Body Shop and the 360-Degree-Concept

Spanesi ‘360-Degree-Concept’ Enables Kansas Body Shop to Complete High-Quality Repairs

ADAS Applications: What They Are & What They Do

Learn how ADAS utilizes sensors such as radar, sonar, lidar and cameras to perceive the world around the vehicle, and either provide critical information to the driver or take...

Banking on Bigger Profits with a Heavy-Duty Truck Paint Booth

The addition of a heavy-duty paint booth for oversized trucks & vehicles can open the door to new or expanded service opportunities.

Boosting Your Shop's Bottom Line with an Extended Height Paint Booths

Discover how the investment in an extended-height paint booth is a game-changer for most collision shops with this Free Guide.