Phenix Mutual Fire Insurance Co. affiliation with The Motorists Insurance Group granted approvals
COLUMBUS, Ohio (Nov. 12, 2009) – State regulators in New Hampshire, Ohio, Iowa and Wisconsin have approved Phenix Mutual Fire Insurance Co.'s affiliation with The Motorists Insurance Group, making the move official. Phenix Mutual policyholders earlier gave their approval during a special meeting.
The affiliation will present the Columbus-based Motorists Insurance Group with the opportunity to expand its market reach into New England and parts of the Southeast where it sees an opportunity for profitable growth. The move also will benefit the group of companies through a pooling of resources and a greater spread of risk.
“We welcome this approval by state insurance regulators and Phenix Mutual policyholders to affiliate with The Motorists Insurance Group, and we look forward to future growth opportunities for Phenix and Motorists,” said John J. Bishop, CPCU, CLU, chairman, president and CEO of The Motorists Insurance Group. "Phenix Mutual is an excellent fit with our group of companies, sharing our commitment to timeless values, belief in the independent agency system and responsibility to the communities we help protect."
Phenix Mutual offers personal and commercial line property and casualty insurance through a network of independent agents. The strengthened mix of products and value-added features that now will be available to Phenix Mutual agents will be in addition to expanded resources such as information technology infrastructure and Internet-based services.
"We look forward to our future as an affiliate of The Motorists Insurance Group," said Rolf H. Gesen, president and CEO of Phenix Mutual. "The solid financial foundation of the group and access to critical resources that the affiliation provides will benefit our independent agents and our policyholders."
Phenix Mutual will pool its premium, losses and underwriting expenses with other companies in the group.
"This move will allow us to maintain and strengthen the high quality of service offered to independent agents and policyholders throughout our operating area," Gesen said. "We will have greater access to a broader range of products and services that will help independent agents grow their business profitably."
The affiliation is expected to have positive effects on staffing at the Concord, N.H.-based company.
"I expect there will be additional job growth opportunities for both organizations as Phenix Mutual expands its product offerings," Bishop said. "Our prior experience has shown our affiliation model provides the resources that contribute to new employment opportunities."
About Phenix Mutual Fire Insurance Company
The 123-year-old property and casualty insurer operates in New Hampshire, Maine, Vermont, Massachusetts, Rhode Island and South Carolina. At year-end 2008, the company posted $26.5 million in direct and assumed written premium. The company was established in 1886. For more information, visit www.phenixmutual.com.
About The Motorists Insurance Group
At year-end 2008, the group of companies had $641.7 million in net written premium and $541.3 million in policyholder security funds. The group, headquartered in Columbus, Ohio, is composed of six property and casualty companies, one life insurance company and two brokerages. The group of companies is rated A (Excellent) by A.M. Best. For more information, visit www.motoristsgroup.com.
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