CHARLESTON, W.Va. — BrickStreet Mutual Insurance Company announced Monday regulatory approval had been granted for a joint venture with Ohio-based Motorists Mutual Insurance Company.
The affiliation agreement, first announced last October, creates what the companies call a “super-regional” carrier ranked in the top 20 mutual companies in the country. It expands BrickStreet’s workers’ compensation offerings to customers in 29 states and allows the company to offer other lines of insurance, through Motorists Mutual, to its customers.
“It’s natural for us to go into other lines and be able to offer products and services to our customers and potentially get other customers as well through this transaction,” BrickStreet CEO Greg Burton previously told MetroNews.
Burton said Monday the approval process was anticipated to take nine months but took approximately six months.
“We appreciate the hard work our state regulators have completed to allow us to achieve our goal in a timely manner,” Burton said.
BrickStreet will protect its brand by keeping its name, staying based in West Virginia and continuing to operate its BrickStreet Foundation, all important factors, Burton previously said.
BrickStreet currently has 500 workers with offices in West Virginia, Illinois, North Carolina and Pennsylvania.