NEW YORK, Nov. 13, 2018 (GLOBE NEWSWIRE) — National Accepted Holdings Corp. (NGHC) appear today that it has agreed to admission National Farmers Union Property and Casualty Aggregation (“National Farmers Union Insurance”) from QBE North America, an chip specialist insurer. National Farmers Union Allowance is a Wisconsin domiciled P&C allowance aggregation that predominantly writes claimed and acreage auto and acreage and homeowners’ allowance in the Midwestern United states. The aggregation has an absolute acceding and accord with National Farmers Union until 2050, accouterment admission to associates through almost 400 agencies. The estimated acquirement amount for the transaction is $43 million. The transaction is accepted to abutting in the aboriginal bisected of 2019, accountable to accepted closing altitude and authoritative approvals.
National Accepted Chief Executive Officer Barry Karfunkel stated: “We are aflame to abide to aggrandize our claimed curve portfolio through the accretion of National Farmers Union Insurance. This accretion fits able-bodied with our absolute business mix, accretion our claimed curve brand in the Midwest and aperture up a new administration adjustment through an absolute adjustment with the National Farmers Union. We apprehend to apprehend allowances from amalgam the aggregation assimilate our aggregate casework belvedere and the geographic about-face the accretion brings, and we apprehend the accretion to be anon accretive to earnings. We attending advanced to affable the National Farmers Union Allowance aggregation to National General.”
Kramer Levin Naftalis & Frankel LLP acted as acknowledged admonition to National Accepted in affiliation with the transaction.
About National Farmers Union InsuranceBased in North Dakota, National Farmers Union Allowance has been confined rural America back 1945 and has about 60 employees. National Farmers Union Allowance wrote $175 actor in gross accounting exceptional in 2017, with the majority of exceptional accounting in personal/farm auto (58% of 2017 GWP) and farm/homeowners (33% of 2017 GWP) lines. The aggregation is accountant in 49 states with a abundant absorption of business in the Midwest: North Dakota, Colorado, Montana, Minnesota, Kansas, Wyoming, Nebraska and Utah.
About National Accepted Holdings Corp.National Accepted Holdings Corp., headquartered in New York City, is a specialty claimed curve allowance captivation company. National Accepted traces its roots to 1939, has a banking backbone appraisement of A- (excellent) from A.M. Best, and provides claimed and bartering automobile, homeowners, umbrella, recreational vehicle, motorcycle, added health, and added alcove allowance products.
Forward Looking Statements
This account absolution contains “forward-looking statements” that are fabricated pursuant to the safe anchorage accoutrement of the Private Securities Litigation Ameliorate Act of 1995. The advanced statements are based on the Company’s accepted expectations and behavior apropos approaching developments and their abeyant furnishings on the Company. Advanced statements can about be articular by the use of advanced terminology, such as “may,” “will,” “plan,” “expect,” “project,” “intend,” “estimate,” “anticipate” and “believe” or their variations or agnate terminology. There can be no affirmation that absolute developments will be those advancing by the Company. Absolute after-effects may alter materially from those bidding or adumbrated in these statements as a aftereffect of cogent risks and uncertainties, including, but not bound to, non-receipt of accepted payments from insureds or reinsurers, changes in absorption rates, a decline in the banking backbone ratings of our allowance subsidiaries, the aftereffect of the achievement of banking markets on our advance portfolio, our adeptness to accurately accede and amount our articles and to advance and authorize authentic accident reserves, estimates of the fair amount of investments, development of claims and the aftereffect on accident reserves, ample accident action including hurricanes and wildfires, the amount and availability of reinsurance coverage, the furnishings of arising affirmation and advantage issues, the aftereffect of capricious adverse losses, changes in the appeal for our products, our amount of success in amalgam acquired businesses, the aftereffect of accepted bread-and-butter conditions, accompaniment and federal legislation, the furnishings of tax reform, regulations and authoritative investigations into industry practices, risks associated with administering business alfresco the United States, developments apropos to absolute agreements, disruptions to our business relationships with third affair or bell-ringer agencies, breaches in abstracts aegis or added disruptions involving our technology, acute competition, changes in appraisement environments, and changes in asset valuations. The advanced statements independent in this account absolution are fabricated alone as of the date of this release. The Aggregation undertakes no obligation to about amend any advanced account except as may be appropriate by law. Additional advice about these risks and uncertainties, as able-bodied as others that may account absolute after-effects to alter materially from those projected is independent in the Company’s filings with the Securities and Exchange Commission.
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