Ohio Mutual Insurance Group said its absorption of Idaho-based Gem State Insurance into its mutual holding company structure took effect Oct. 1, with the completion disclosed Oct. 7. Gem State becomes a subsidiary, and the company said the insurer has been redomesticated to Ohio and now sits alongside Ohio Mutual Insurance Company, United Ohio Insurance Company, Casco Indemnity Company and United Mutual Insurance Company under holding company Ohio Mutual Insurance Group, Inc.
President and CEO Mark C. Russell said the company welcomes Gem State's agents, members and associates and intends to build on the Idaho insurer's history. Per Ohio Mutual, Gem State products will keep their current marketing name and will receive updated visual branding, while new products and added member benefits are planned for Idaho to fill out the lines Gem State previously sold.
Ohio Mutual said the deal won board approval at both organizations in April and was cleared by Gem State policyholders in July. The transaction brings in close to 13,000 policyholders across Idaho and more than 60 independent agencies, according to the company.
Founded in 1901 and based in Bucyrus, Ohio, Ohio Mutual said it works with nearly 600 independent agencies. Its distribution territory now covers Connecticut, Indiana, Maine, New Hampshire, Ohio, Rhode Island, Vermont, Wisconsin and Idaho. The company said it has held an A/Stable rating from A.M. Best for 33 consecutive years and has been named to the Ward's 50 nine times since 2009.