Approval Granted For Nodak Mutual Insurance Company Acquisition
Posted on 4/2/2001
FOR IMMEDIATE RELEASE
Contact: Jim Poolman
April 2, 2001
Bismarck, ND - Commissioner Jim Poolman today granted regulatory approval for Nodak Mutual Insurance Company to buy American West Insurance Company.
With this approval, Nodak Mutual is permitted to expand its operations into states that are served by American West. American West Insurance Company operates in eight states: North Dakota, Minnesota, South Dakota, Montana, Wisconsin, Oregon, Idaho and Washington.
"I believe that the growth of Nodak Mutual Insurance Company, a North Dakota company, will be a good thing for the citizens of North Dakota," Commissioner Poolman said.
Nodak Mutual Insurance Company had to receive approval from the commissioner prior to closing the deal. The Insurance Department held a hearing late last week.
"Nodak was able to satisfy its burden to prove that the acquisition was not going to be hazardous or prejudicial to the insurance-buying public of North Dakota," Commissioner Poolman said. "In fact, this acquisition will allow Nodak Mutual to grow and expand its operations, and ultimately bring more business into the state."