NI Holdings Inc. has completed its previously announced acquisition of Westminster American Insurance Company from private shareholders on January 1, 2020.
The acquisition of Westminster further diversifies NI Holdings’ portfolio of products geographically and by line as additional commercial multi-peril business is introduced into the business mix.
Westminster is headquartered in Owings Mills, Md., and underwrites multi-peril commercial insurance in the states of Delaware, Georgia, Maryland, New Jersey, North Carolina, Pennsylvania, South Carolina, Virginia, West Virginia and the District of Columbia through independent agents.
Westminster President John Scott Jr. will continue to manage the Westminster insurance operations along with the current staff and management team. The acquisition closed on January 1, 2020, pursuant to a stock purchase agreement dated October 28, 2019.
Under the terms of the stock purchase agreement, Westminster shareholders will receive $40 million in cash. As a non-public company, audited financial statements on a GAAP basis are not available for Westminster. Westminster’s statutory surplus as of December 31, 2018, was $20 million per its audited statutory-basis financial statements for the year ended December 31, 2018.
Venable LLP served as Westminster American Insurance Company’s legal advisor. Sherman & Company served as NI Holdings’ financial advisor, and Dorsey & Whitney LLP was NI Holdings’ legal advisor in this transaction.
NI Holdings Inc. is an insurance holding company. The company is a North Dakota business corporation that is the stock holding company of Nodak Insurance Company.
Source: NI Holdings Inc.
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