National General Holdings Corp. announced that it has closed upon the acquisition of Saddle Brook, New Jersey-based Assigned Risk Solutions Ltd. from Toronto-based Kingsway Financial Services for a purchase price of $47 million in cash and potential future earnout payments.
Assigned Risk Solutions is a managing general agency that services assigned risk auto, private passenger auto and commercial lines of business. It also offers claims, investigative, and cost containment services for client companies. The firm is licensed in 22 states with a heavy concentration of business coming from New York, New Jersey and Pennsylvania, and has over 230 employees.
Assigned Risk Solutions has managed over $100 million in premium in 2014 across their multi-state distribution platform, according to National General Holdings’ announcement.
National General Holdings, based in New York City, is a specialty personal lines insurance holding company providing personal and commercial auto, homeowners, umbrella, recreational vehicle, motorcycle, supplemental health, and other niche insurance products.
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