Friedman Group plans merger [Telegraph-Herald (Dubuque, IA)]

The Friedman Group Inc. will soon merge with a holding company of several Iowa-based insurance businesses - a move Friedman's president said will benefit both the Dubuque-based insurance and financial services company and its clients.

A letter of intent has been signed that Friedman will merge with LMC Insurance and Risk Management Co., according to Terry Friedman, president of The Friedman Group.

The merger is expected to take place by March 31.

"We think it's going to be great for our clients, great for our employees," Friedman said.

<p>LMC Insurance, or LaMair-Mulock-Condon, has corporate offices in West Des Moines, and also includes Molyneaux Insurance in Davenport, Independent Insurance Services in Marshalltown and Agri-Business Insurance Services in Des Moines.

The merger with The Friedman Group will be just that, not a sale or a buyout, said Friedman, who said the Dubuque company was approached by LMC Insurance about consolidating.

"We were not interested in selling. This is a true merger," Friedman said.

The merger held appeal for leaders at Friedman because all current shareholders will remain so in the holding company, and no employees will lose their jobs, according to Friedman.

Also of importance: making sure the move would benefit Friedman's current clients. It will do so by combining the resources and reach of the businesses involved, Friedman said.

He added that it was important that Friedman blend well with the other companies in the group, while also maintaining autonomy.

"We wanted to merge with a group of other insurance agencies that have the same values and culture and professionalism that we did," Friedman said.

Dubuque-based Friedman, which has been in operation since 1928, will still be called The Friedman Group. Several of the other companies that are part of LMC also have well-established histories, Friedman said.

Although it might take awhile for all the details of the merger to be completed, Friedman expects a smooth transition.

"For the most part, it will be business as usual," he said.