Capital Insurance Group (CIG) has revealed that it is now a member of the Auto-Owners Insurance group of companies, after the acquisition was granted regulatory approval.
CIG first entered into an agreement to be acquired by Auto-Owners in February. The transaction closing documents were signed earlier this week, a release said.
A provider of customized and balanced coverage for commercial, personal, and agricultural lines, CIG has been in business since 1898. The insurer serves clients in California, Washington, Oregon, Nevada, and Arizona, working exclusively with independent agents.
Auto-Owners, meanwhile, is a multi-line P&C insurance carrier – one of the largest in the US and one of just nine carriers to receive an “A++ Superior” rating by A.M. Best. The company was established in 1916, and is based in Lansing, MI.
“For over 120 years, our dedicated and hardworking teams have worked side-by-side, protecting and restoring countless businesses and communities in the West. As we turn this chapter, I couldn’t be more pleased about the future,” commented CIG president and CEO Arne Chatterton in a statement.
Chatterton added that with the support and backing of Auto-Owners, both companies are well-positioned for “mutually profitable growth” for the next 120 years to come.
In a previous statement, Auto-Owners chairman Jeff Tagsold outlined that the acquisition of CIG expands Auto-Owners operating footprint into four additional states.
