American Modern Insurance Group, Inc.
 |
|
| Industry | Specialty Personal Insurance |
|---|---|
| Founded | Initial Insurance Companies in 1965 |
| Headquarters |
Batavia Township, Ohio, USA (Amelia mailing address) |
|
Key people
|
Andreas Kleiner (CEO) René Gobonya (CFO), Kevin Morreale (Sales) |
| Revenue | $1.42B (2015) |
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Number of employees
|
1,400 (March 2015) |
| Parent | Munich Re |
| Website | www.amig.com |
American Modern Insurance Group, Inc. "American Modern" is the holding company for a number of subsidiary property & casualty insurance companies that provide specialty products for owners of mobile/manufactured homes; specialty dwellings such as vacant, rental and seasonal homes; watercraft; motorcycles; collector vehicles; travel; pet; and snowmobiles. Among its companies is American Family Home Insurance Company, but it is not affiliated with the mutual insurance company American Family Insurance.
The company also serves the commercial insurance needs of landlords, as well as of dealers and communities within the manufactured housing market. It also provides services and products to protect lender interests, including mortgage fire, debt cancellation, vendors single interest, collateral protection insurance, renters insurance, credit life and flood insurance.
The company’s two initial insurance companies were founded in 1965 in Cincinnati, OH. Collectively, the insurance companies of American Modern Insurance Group are licensed to do business in all states.
American Modern’s ultimate parent is Munich Re, one of the 100 largest companies in the world in annual revenue. It is part of Munich Re’s primary insurance operations in the United States.
The group’s primary insurance companies were founded in 1965. But, its roots go back to 1938 when The Midland Discount Corporation was founded in Cincinnati as an automobile financing company during a time when the United States was working its way out of the Great Depression.
In 1949 Midland identified an emerging market in the mobile home industry and became one of the first companies to specialize in the mobile home finance business at both the wholesale and retail levels.
In February 1961 Midland made its initial public offering of stock to help finance expansion and, in 1965, it entered the manufactured home insurance marketplace with the establishment of American Modern Home Insurance Company and American Family Home Insurance Company, which remain to this day as the primary subsidiaries of American Modern Insurance Group.
The financial downturn of the mid-1970s hit the mobile home industry particularly hard and resulted in the discontinuation of the company’s finance operations in February 1976.
In 1990, Midland’s insurance subsidiary, American Modern Insurance Group, began an important diversification into lines of business beyond manufactured homes, starting with watercraft insurance and then collector vehicle insurance a few years later.
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Wikipedia