The boards of directors of Wolverine Mutual Insurance Co. of Dowagiac and Farmers’ Mutual Insurance Co. of Traverse City, unanimously approved a merger agreement, subject to approval by policyholders of each company and the Commission of the Michigan Office of Financial and Insurance Regulation, it was announced by Wolverine Mutual President James Laing.

Wolverine Mutual will be responsible for all obligations to policyholders and other parties who conduct business with Farmers’ Mutual.

Laing said Wolverine Mutual plans to retain current Farmers’ Mutual employees and the office in Traverse City.

“This merger is exciting for Michigan’s economy,” said Laing. “It will build on our financial strength, give Farmers’ Mutual policyholders more insurance protection options and cost-saving discounts and provide independent insurance agencies more opportunities for growth.”

Laing said the merger brings together two of Michigan’s oldest mutual companies.

Traverse City area farmers founded Farmers’ Mutual in 1875.

A group of Dowagiac businessmen founded Wolverine Mutual in 1917 to provide protection to the growing number of new automobile owners.

Farmers’ Mutual built a strong reputation statewide for its homeowners and farm property insurance coverage.

With the merger, Farmers’ Mutual policyholders will now have access to Wolverine Mutual automobile, watercraft, yacht, motorcycle and recreational vehicle policies, as well as multi-policy discounts.

“The decision to merge into Wolverine Mutual was based on our ability to strengthen our financial position without compromising our commitment to outstanding coverage and service,” said Hank Schroeder, vice president, sales, and general manager of Farmers’ Mutual. “Wolverine Mutual is highly respected among agents and policyholders. This is a growth opportunity for all of us.”

Wolverine Mutual provides personal lines insurance for more than 45,000 policyholders through more than 175 independent agents in Michigan, Indiana and Wisconsin.

To learn more about its insurance coverage and independent agency locations, visit www.wolverinemutual.com.