American Family to buy Nashville insurance company

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MADISON - American Family Insurance says it will buy a Nashville company that sells auto policies to drivers with higher risks.

The Madison based American Family plans to purchase the PGC Holdings Corporation and its subsidiaries for $239-million. The deal is expected to be finalized before the end of the year. PGC runs The General insurance company, as well as Permanent General. A firm called Capital “Z” Partners is the majority owner, and American Family says it will acquire Capital “Z’s” stake in the business. American Family CEO Jack Salzwedel said his firm wants move into new markets and states – and strengthen its appeal in its current locations.

American Family is Wisconsin’s top auto insurer. It now operates in 19 states.

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