A $1.7 billion Ohio holding company has signed a deal to buy Murfreesboro-based Consumers Insurance for an undisclosed amount.
Motorists Mutual Insurance President and CEO David Kaufman said adding 19-year-old Consumers to its family of companies will add opportunities in states in which it wants to do business. The local company employs about 65 people who will stay in Rutherford County.
"It’s staffed by talented, knowledgeable associates and it employs technological resources that make it an easy company for agents to do business with,” Kaufman said.
The agreement still needs approval from regulators in both Tennessee and Ohio as well as Consumers shareholders. When the deal is completed, Consumers will become a wholly owned subsidiary of Motorists Mutual and look to grow in its footprint.
"It is a win-win situation for our policyholders, employees, agents, and shareholders," Consumers