NEW YORK, Jan. 8, 2014 (GLOBE NEWSWIRE) -- KPMG Corporate Finance LLC ("KPMG CF"), a leading middle-market investment bank, announced today that it was the exclusive financial advisor to American Family Mutual Insurance Company ("American Family" or the "Company") on its recent $660 million acquisition of Homesite Group, Inc. ("Homesite").
Madison, Wisconsin-based insurance company American Family is a premier provider of auto, homeowners, life, business and farm/ranch insurance across 19 states. The Company distributes its comprehensive range of personal lines insurance products through approximately 3,500 exclusive agents. American Family is the nation's third-largest mutual property and casualty insurer and ranks number 393 among the Fortune 500. Homesite is a leader in direct-to-consumer homeowners, renters and condominium insurance, using the internet, call center and technology-enabled platform solutions. Sales primarily occur through alliances with insurers and other financial services companies. Homesite was founded in 1997 and offers products in 46 states and the District of Columbia.
"We are very pleased to have advised American Family on the acquisition of Homesite," said Leslie Fenton, managing director in KPMG Corporate Finance LLC 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 chief executive officer.
American Family's acquisition of Homesite comes one year after it purchased direct non-standard insurance company, The General.
"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," said Salzwedel.
About KPMG Corporate Finance LLC
KPMG Corporate Finance LLC is part of the platform of global Corporate Finance practices of KPMG International's network of independent member firms, which have been ranked collectively as the number one global mid-market advisor based on total deal volume announced in 2012, according to Thomson Reuters SDC. The global Corporate Finance practices of KPMG International's network of independent member firms operate in 156 countries with over 2,600 professionals who are able to meet the needs of clients across the globe. For more information on KPMG Corporate Finance LLC, please visit www.kpmgcorporatefinance.com.
KPMG Corporate Finance LLC, a Delaware limited liability company, is a member of FINRA and SIPC and is registered as a broker dealer with the SEC. KPMG Corporate Finance LLC is also registered as a municipal advisor with the SEC and MSRB. KPMG Corporate Finance LLC is a subsidiary of KPMG LLP, a Delaware limited liability partnership and the U.S. member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity.
About KPMG LLP
KPMG LLP, the audit, tax and advisory firm (www.kpmg.com/us), is the U.S. member firm of KPMG International Cooperative ("KPMG International"). KPMG International's member firms have 155,000 professionals, including more than 8,600 partners, in 155 countries.