Madison's American Family Insurance aims to merge with a similar company in Florida, according to a release they shared Friday morning.
American Family and The Main Street America Group says boards of both companies approved the pursuit of a merger.
The merger will need to be approved by mutual policyholders of both companies, along with state regulators.
“This merger will give policyholders – particularly small business owners – more insurance products to choose from and more ways to buy them,” said Jack Salzwedel, chairman and CEO of the American Family Insurance group in a news release.
“Given our focus on policyholders and agents, that’s a win.”