These rating actions are based on the announcement that a definitive agreement has been reached for the purchase of MEEMIC by Auto Club Insurance Association (Dearborn, MI), the lead member of The Auto Club Group, from Motors Insurance Corporation (Southfield, MI), the lead member of GMAC Insurance Group (GMACI).
The positive implications reflect the likely positive impact on MEEMIC from its future parent, which is a higher rated organization.
01 increase in Book Value per Share in the first quarter, primarily as a result of the sale of MEEMIC Insurance Company, its personal lines business.
84 per diluted share, and the MEEMIC sale resulted in $109.
ProAssurance closed the sale of MEEMIC
Insurance Company; its personal lines insurance operations, effective January 1, 2006.
was recently acquired by Motors Insurance Corporation, a subsidiary of GMAC Insurance Holdings and a company currently not rated by Fitch.
GMAC Insurance paid approximately $325 million in cash for MEEMIC
Insurance Company and its internal agency, and ProAssurance retained approximately $75 million of MEEMIC
's pre-sale capital.
We are the tenth largest writer of personal auto coverage in Michigan through our subsidiary, MEEMIC
Insurance Company, although we will exit the personal lines business upon the expected sale of MEEMIC
They are the tenth largest writer of personal auto coverage in Michigan through their subsidiary, MEEMIC
Insurance Company, although they will exit the personal lines business upon the expected sale of MEEMIC