It was announced today that Ohio-based property/casualty insurer Motorists Mutual Insurance Co. and West Virginia-based workers' compensation insurer BrickStreet Mutual Insurance Co., Inc., have been granted regulatory approvals to affiliate through a joint venture.
This affiliation has created a new super-regional carrier ranked in the top 20 mutual companies in the United States, and includes more than 1,600 employees, 10 offices writing in 29 states, premiums of nearly $1.2 billion, a surplus of nearly $1.55 billion and assets of $4.5 billion.
Announced in October, the companies have spent the last seven months working with regulators from West Virginia, Ohio and other states to make this joint venture through affiliation a reality. Motorists President and CEO David L. Kaufman and BrickStreet CEO Gregory A. Burton both welcomed the approval and expressed appreciation to the many regulatory agencies involved.
“This is an integration of two great companies, from all of the associates to the executive management teams to the boards of directors, and we are looking forward to the future,” said Kaufman.
“When we announced this in October, we envisioned this process taking approximately nine months,” said Burton. “We appreciate the hard work our state regulators have completed to allow us to achieve our goal in a timely manner.”
Also during this time, working groups with both Motorists associates and BrickStreet employees have been concentrating on synergies, delivery model options, information technology initiatives, efficiencies and integration plans for the benefit of the company’s policyholders, agents and associates. This work will continue through the coming months.
The companies will begin to market products under both the Motorists Insurance Group and BrickStreet brands. Co-branded products will first be available through select independent insurance agents in West Virginia, Pennsylvania and Illinois later this year . Other operating states will be added over time.
“Motorists can expand our product offerings into new and existing states, and BrickStreet agents and policyholders will have access to other lines of commercial insurance outside of workers’ compensation,” Kaufman said. “In addition, our companies share the philosophy of always doing what is in the best interests of policyholders and independent agents, which helps make this joint venture between Motorists and BrickStreet a natural fit.”
“We are excited to officially affiliate through a joint venture with Motorists,” said Burton. “They demonstrate that they truly value associates, agents and policyholders through their dedication to service and relationships. I am confident all our stakeholders will benefit from our combined knowledge and resources.”