The affiliation between Omaha, Neb.-based Cooperative Mutual Insurance Co. and Maple Grove, Minn.-based Austin Mutual Insurance Co. will soon become a full-fledged merger.

The transaction was announced Oct. 21, and Austin Mutual expects the deal to close Jan. 1, 2011.

“We are now just waiting for both the Minnesota and Nebraska stamps of approval, which they have already given to us verbally,” Austin Mutual President and CEO Jeffrey Kusch told SNL. “The big advantage is that [the merger] is going to bring Austin a commercial package policy which we are currently not writing. It also brings a wealth of loss control expertise.”

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Article courtesy SNL Financial