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USA Today//July 8, 2020//
Listen to this articleAllstate is acquiring property liability insurer National General for about $4 billion.
Northbrook, Illinois-based Allstate said the deal would boost its profitability and market share in personal liability insurance, which includes auto, RV, homeowner insurance.
The deal for New York-based National General is all-cash and is expected to close in early 2021.
National General has about 42,300 independent agents. The company goes back to 1939 and was once part of General Motors when it was known as GMAC Insurance. It changed its name to National General in 2013.
National General has gross annual written premiums of $5.6 billion and reported operating income of $319 million in 2019. About 60% of the company’s premiums come from auto insurance policies.
Some 40% of National General’s shareholders have already signed off on the deal.
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