Imperial Management Corp. (IMC) announced an agreement to purchase National Automotive Insurance Co. (NAIC) headquartered in Metairie, La.
The transaction is pending approval of the Louisiana Department of Insurance and is expected to close the first week of November 2013.
NAIC provides non-standard personal auto insurance to consumers through independent agents across Louisiana, with a heavy concentration of policyholders in New Orleans and Baton Rouge. The company currently serves more than 12,000 policyholders.
Imperial, located in St. Landry Parish, has a long history of serving policyholders in Louisiana, through its subsidiary Imperial Fire & Casualty Insurance Co.
Stephen C. Schrempp will continue in his position as president of NAIC. Imperial’s Chief Executive Officer Marc Carter will serve as CEO and Duane Heady as chief operating officer.
Based in Louisiana, Imperial is 100 percent owned by Southport Insurance Holdings, a New York City-based private equity and asset management firm. Imperial Management’s largest subsidiary, Imperial Fire and Casualty, is rated B+ by A.M. Best and provides personal auto, personal property and flood policies.
The company actively writes policies in Arkansas, Florida, Louisiana, Oklahoma and Texas, and is licensed in Alabama, Georgia, Indiana, Kansas, Kentucky, Mississippi, Missouri, Nevada, South Carolina and West Virginia. Imperial Management Corporation is also parent to wholly owned subsidiaries ABC Insurance Agencies and RAC Insurance Partners.