National General Holdings Corp. Announces Closing of Acquisition of Standard Property & Casualty Insurance Company
NEW YORK, Oct. 07, 2016 (GLOBE NEWSWIRE) -- National General Holdings Corp. (Nasdaq:NGHC) announced today that it has completed the acquisition of Standard Property & Casualty Insurance Company (f/k/a Standard Mutual Insurance Company).
National General President and Chief Executive Officer, Barry Karfunkel, stated: "We are pleased to announce the closing of this transaction, which further expands our packaged auto and home offerings into Illinois and Indiana. We are excited to welcome the Standard Mutual team to National General and support the profitable growth of the business by leveraging our policy administration and claims systems."
Based in Springfield, Illinois, Standard Mutual Insurance Company began operations in 1921 and predominately underwrites private passenger automobile and homeowners lines in Illinois and Indiana. SMIC wrote approximately $49 million of direct written premium in 2015. SMIC distributes products through approximately 250 independent agents.
About National General Holdings Corp.
National General Holdings Corp., headquartered in New York City, is a specialty personal lines insurance holding company. National General traces its roots to 1939, has a financial strength rating of A- (excellent) from A.M. Best and provides personal and commercial automobile, homeowners, umbrella, recreational vehicle, motorcycle, supplemental health, and other niche insurance products.
Investor Contact Christine Worley Director of Investor Relations Phone: 212-380-9462 Email: Christine.Worley@NGIC.com