KPMG Advises American Family on Homesite Buy
KPMG Corporate Finance announced it was the exclusive financial advisor to American Family Mutual Insurance Company on its recent $660 million acquisition of Homesite Group.
“We are very pleased to have advised American Family on the acquisition of Homesite,” said Leslie Fenton, managing director in KPMG Corporate Finance and head of insurance investment banking, who led KPMG CF’s team on this transaction. “It was a privilege to assist the management and board of American Family on a range of valuation, strategic and transaction structuring considerations.”
“Our exceptional American Family agents will continue to be our marque method of selling products and providing personal service to our customers. Acquiring Homesite allows us to reach different customers who prefer direct channels and expand the geographic footprint of our group of companies,” said Jack Salzwedel, American Family chairman and CEO. “Working with KPMG CF as our financial advisor, adding Homesite to our group of companies is well-aligned with American Family’s long-term growth strategy.”
American Family’s acquisition of Homesite comes one year after it purchased direct non-standard insurance company, The General.
Madison, WI-based American Family is a provider of auto, homeowners, life, business and farm/ranch insurance across 19 states.