Company Profile
The Midland Company/American Modern Insurance Group
Company Overview
American Modern Insurance Group (American Modern) is the specialty insurance subsidiary of The Midland Company (NSD: MLAN).
American Modern is widely recognized as a leading expert in the specialty insurance business. With more than 40 years of experience in the manufactured housing insurance sector, the company delivers specialized products and services for residential property like mobile homes and specialty dwellings, consistently earning "excellent" industry ratings for financial stability, as well as superior coverage and claims service.
American Modern also offers specialty policies aimed at meeting the needs of consumers in the recreational market, including owners of motor homes, travel trailers, boats, personal watercraft, classic cars, motorcycles and snowmobiles.
Manufactured home communities and dealers are also well served by American Modern's array of physical damage commercial programs while financial institutions rely on their array of collateral protecting products.
American Modern's stability is reflected in its A+ (superior) rating by the A.M. Best Company and its selection for seven consecutive years as one of the Ward Financial Group's Top 50 property and casualty companies in America. The company is licensed in all 50 states through six property and casualty companies and two credit life companies insuring more than 1.2 million policyholders nationwide.
American Modern's specialty mindset builds on the entrepreneurial spirit and deep commitment of its associates to provide superior products, services and results to customers, shareholders and the communities it serves.
Company History
Founded in 1938, as an Automobile finance company, today Midland consists of the two primary operating subsidiaries described below:
American Modern Insurance Group, Inc. (American Modern) consists of eight property and casualty companies and two credit life companies. Licensed in all 50 states, American Modern has traditionally specialized in writing physical damage insurance and related coverages on manufactured housing and recently has expanded to other areas of insurance, including Lower Valued Homes, Dwelling Fire, Homeowners, Mortgage Fire, Collateral Protection, Watercraft, Long-Haul Truck, Commercial and Excess and Surplus lines.
M/G Transport Services, Inc. currently charters barges and brokers freight for the movement of commodities on the inland waterways. M/G provides superior service to large industrial clients, transporting dry cargoes such as petroleum coke, barite, sugar, iron ore, grain, steel pipe and other dry bulk commodities. The company serves its customers with a fleet of approximately 200 jumbo hopper barges. The operations are concentrated on the Lower Mississippi River and westbound on the Gulf Intercoastal Waterway.
The Midland Company: Timeline
1938 Midland Discount Corporation, an automobile finance company, is formed by J. Page Hayden, Sr. and H. R. LaBar.
1941 The Company enters the consumer finance business.
1949 Enters mobile home finance business and expands other lines.
1956 Midland sells its automobile finance operations.
1961 In order to fund expansion, Midland goes public (OTC).
1965 Midland forms American Modern Home Insurance Company.
1968 Midland forms M/G Transport, Inc., specialized river transportation company.
1969 Midland moves to the American Stock Exchange.
1969 The Company enters the mobile home manufacturing and retailing businesses. (Divested in the early 1980's)
1980 Midland sells its consumer finance business; shifting its focus to river transportation and specialty insurance.
1984 Midland sells the last of its mobile home receivables.
1987 AMHG exceeds $100,000,000 in premiums written.
1989 AMHG acquires the Ameritrac Loan Portfolio Tracking System.
1989 Midland forms MGT; M/G Transport's New Orleans freight brokerage operation.
1989 1989 Started CS Crable Sportswear. (Divested in 1997)
1994 M/G Transport sells 70% of its operating assets and focuses on specialty river transportation operations (charters barges and brokers freight).
1999 Midland makes move to Nasdaq (MLAN) (in May 1999) / 3 for 1 stock split.
2000 Midland produces fourth straight year of record results with net income of $35.5 million and gross written premium of $541 million.
2001 Midland named to Forbes "200 Best Small Companies".
2001 Midland's assets exceed $1 billion.
2002 A.M. Best upgrades Life Companies to "A- (Excellent)" and affirms P&C rating of "A+ (Superior)".
2002 Midland announces 2 for 1 stock split effective July 8, 2002.
2002 American Modern Insurance Group named to Wards Financial Group's Top 50 for fourth consecutive year
Benefits
At American Modern Insurance Group, we supplement your cash compensation with benefits you need to manage your life and your future. Following is a brief description of the benefits offered to our Associates:
Medical Plan
Dental Plan
Flexible Benefits
401(K) Plan
Self Directed Retirement Plan
Life Insurance
Optional Life Insurance
Accidental Death and Dismemberment
Short Term Disability
Long Term Disability
Vacation
Sick Days
Personal Days
Holidays
Fitness Center
Tuition Reimbursement
Incentive Pay