Northbrook-based Allstate is set to acquire National General Holdings in a deal worth about $4 billion.
“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, Allstate’s chair, president and CEO.
“The acquisition increases personal lines premiums by $4.0 billion and market share by over 1 percentage point to 10%. National General’s business and technology platforms will be utilized to further strengthen Allstate’s existing independent agent businesses.”
The deal is expected to close in early 2021, according to an Allstate statement.
National General offers auto, home and RV insurance, among other products.
National General had gross premiums of $5.6 billion in 2019, generating operating income of $319 million in 2019 from a range of property-liability coverage including “non-standard” auto insurance.
Contributing: The Associated Press
