American Modern Insurance Group wants to make sure you're protected, whether tooling around in the antique sedan or fast asleep in your double-wide. Operating through its property/casualty insurance subsidiaries, the company provides specialty insurance products and services to owners of boats, classic cars, motorcycles, RVs, manufactured homes, rental properties, and vacation homes. Its Financial Institutions division also offers credit life insurance. The company is licensed throughout the US. It distributes its products through a network of agents, as well as through financial institutions, manufacturers, and other dealers. American Modern Insurance is a subsidiary of Munich Re America.
American Modern Insurance, which serves about 1.4 million customers across the US, writes nearly half of its business in manufactured housing. While its primary offerings serve individual policyholders, the firm also offers coverage for commercial businesses including rental property investment firms and recreational rental businesses.
In 2011 the company agreed to sell its Financial Institutions unit to Securian Financial Group. In addition to credit life and disability policies, the specialty Financial Institutions unit provides mortgage hazard, renters protection, and debt protection coverage to banks and other institutional clients. Operating units under the Financial Institutions unit consist of American Modern Life Insurance Company and Southern Pioneer Life Insurance Company.
The company became a unit of Munich Re America in 2008, when German reinsurance firm Munich Re acquired former parent The Midland Company for $1.3 billion to expand its property/casualty insurance operations in the US. Since the acquisition, American Modern Insurance's distribution networks have been integrated into Munich Re America's operations, allowing agents to access a broader array of products and services.
American Modern Insurance was originally founded by the Midland Company in 1965. – less