The story
The group's primary insurance companies were founded in 1965. But, its roots go back to 1938 when The Midland Discount Corporation was founded in Cincinnati as an automobile financing company during a time when the United States was working its way out of the Great Depression.
In 1949 Midland identified an emerging market in the mobile home industry and became one of the first companies to specialize in the mobile home finance business at both the wholesale and retail levels.
In February 1961 Midland made its initial public offering of stock to help finance expansion and, in 1965, it entered the manufactured home insurance marketplace with the establishment of American Modern Home Insurance Company and American Family Home Insurance Company, which remain to this day as the primary subsidiaries of American Modern Insurance Group.
The financial downturn of the mid-1970s hit the mobile home industry particularly hard and resulted in the discontinuation of the company's finance operations in February 1976.
In 1990, Midland's insurance subsidiary, American Modern Insurance Group, began an important diversification into lines of business beyond manufactured homes, starting with watercraft insurance and then collector vehicle insurance a few years later.
American Modern Insurance Group expanded into the motorcycle, ATV and snowmobile markets in 2000 with the purchase of GuideOne Motorsport's book of business.
The company continued to diversify its product offerings in the first decade of the 21st century to meet special needs in the site built home market, such as vacant, seasonal and rental homes. It also expanded its portfolio of single and dual interest products—including credit life and disability insurance—that were marketed to the financial community through its Financial Institutions Division.
In 2008 Midland and its subsidiaries were purchased by Munich Re, an international company with approximately 47,000 employees doing business in more than 40 countries. American Modern is part of its primary insurance operations in the United States focusing on penetrating the specialty segment of the market.
From Wikipedia’s article on American Modern Insurance Group, shared under CC BY-SA 4.0.5