“Our operating expertise has enabled us to serve customers and independent agents well as we have grown both organically and through acquisition,” said Barry Karfunkel, co-chairman and chief executive of National General.
The company also has attractive accident and health and lender-placed insurance businesses. New York-based insurer National General provides a wide range of property-liability products through independent agents with a significant presence in non-standard auto insurance.
The transaction will be accretive to adjusted net income earnings per share and return on equity beginning in the first year.”
National General’s business and technology platforms will be utilised to further strengthen Allstate’s existing independent agent businesses. “The acquisition increases personal lines premiums by $4bn and market share by over 1 percentage point to 10 percent. “Acquiring National General accelerates Allstate’s strategy to increase market share in personal property-liability and significantly expands our independent agent distribution,” said Tom Wilson, chair, president and chief executive of Allstate. It protects people through the operation of more than 153.7 million proprietary policies. Allstate also expects to maintain its current share repurchase programme.Īllstate offers a broad array of protection products through multiple brands and diverse distribution channels, including auto, home, life and other insurance. Allstate will fund the share purchase by deploying $2.2bn in combined cash resources and, subject to market conditions, issuing $1.5bn of new senior debt.
#NATIONAL GENERAL PLUS#
The acquisition will see National General shareholders receive $32.00 per share in cash from Allstate, plus closing dividends expected to be $2.50 per share, providing $34.50 in total value per share. The telehealth services and telemedicine medical services do not require a face-to-face consultation.In a deal designed to scale up its auto insurance business at a time when coronavirus (COVID-19) has decimated traffic on roads and reduced claims, US insurer Allstate Corporation is to acquire National General Holdings Corporation for approximately $4bn.
#NATIONAL GENERAL PROFESSIONAL#
We will pay those Covered Expenses incurred for telehealth services and telemedicine medical services provided by a Physician other Health Care Professional subject to your applicable deductible, copayment, or coinsurance. TELEMEDICINE MEDICAL SERVICE OR A TELEHEALTH SERVICE The following is applicable to all National General Short Term Medical and Nation Care products National General Insurance Company, National Health Insurance Company, Integon National Insurance Company and Integon Indemnity Corporation are all related companies under National General Holdings Corp. NatGenHealth, a website owned by National General Insurance Company, markets products underwritten by National Health Insurance Company, Integon National Insurance Company and Integon Indemnity Corporation. © 2020 National Health Insurance Company. National General Accident & Health markets products underwritten by National Health Insurance Company, Integon National Insurance Company and Integon Indemnity Corporation.