Stout Advises CFM Insurance on Its Acquisition of Cornerstone

April 11, 2019

Stout announced that its client, CFM Insurance, Inc. (“CFM”), has acquired Cornerstone National Insurance Company (“CNI”), a provider of automobile property and casualty insurance. Stout served as financial advisor to CFM in connection with this transaction.

“This was a very unique and creative purchase of a stock company by a mutual insurance company,” CFM President and CEO Jake Black said in the company’s announcement. “We had the privilege of recognizing the challenges of this acquisition the entire way. Great things rarely come easy, but we are very optimistic of the future to come."

“CFM enjoys a strong history and philosophy of doing what is in the best interests of policyholders and our independent agent partners. We remain focused on creative thinking to help meet the needs of all policyholders, while providing a solid surplus aided with conservative and creative investments.”

CNI, founded in 1997 and headquartered in Columbia, MO, provides automobile property and casualty insurance and is licensed in 20 states across the country. CNI ended 2018 with over $23 million in written premium and 17,500 policies.

CFM Insurance was formed in 1869 and operates as a mutual insurance company headquartered in Concordia, MO. CFM has grown to be one of the largest mutual insurance companies in the state of Missouri. The company has approximately 26,000 policies with annual written premium over $30 million.

Bryan Cave LLP served as the legal advisor and deal counsel to CFM.

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