|Nodak Mutual to acquire Nebraska insurance company
Nodak Mutual Insurance Company and Battle Creek Mutual Insurance Company have signed a letter of intent to enter into an affiliation agreement that would add Battle Creek Mutual Insurance Company to the Nodak Mutual Group through a Quota Share Reinsurance Treaty.
In addition to the Quota Share Treaty, Nodak Mutual will provide Battle Creek Mutual additional operating capital through a surplus note.
Nodak Mutual Insurance Company is an A- "Excellent" A.M. Best rated company located in Fargo. Nodak Mutual Insurance Company is the Farm Bureau affiliated company in North Dakota and the largest domestic insurance company in that state.
"We are pleased to find a partner in Nodak Mutual who values the mutual company operating model and is a leading writer of auto, home, and farm/ranch insurance," said Bruce Zimmerman, President, Battle Creek Mutual Insurance Company.
"Our affiliation with Battle Creek Mutual Insurance Company offers the Nodak Mutual Group the opportunity to expand our markets through the Battle Creek independent agency force and to offer the Battle Creek agents additional products and capacity for profitable growth," said Nodak Mutual's Executive Vice President and CEO Jim Alexander.
Nodak Mutual Insurance Company and Battle Creek Mutual Insurance Company will be holding several meetings across the state of Nebraska to provide Battle Creek's independent agents the opportunity to learn more about Nodak Mutual Insurance Company and to ask questions of the company's top management.Back to NEWS