North Dakota-based NI Holdings Inc. has agreed to purchase Direct Auto Insurance Co. (Direct Auto), headquartered in Chicago.
Direct Auto underwrites specialty automobile insurance in Illinois through independent agents. Joe Fitzgerald, the president of Direct Auto and one of the principal shareholders, will continue to manage the Direct Auto insurance operations along with the current staff and management team.
Closing the transaction is expected later this year subject to customary closing conditions, including regulatory approval.
Philo Smith Capital Corp. served as Direct Auto’s financial advisor and Beermann Pritikin Mirabelli Swerdlove LLP as legal advisor. Dorsey & Whitney LLP was NI Holdings’ legal advisor in this transaction.
NI Holdings Inc. is the stock holding company of Nodak Insurance Co., which owns American West Insurance Co. and Primero Insurance C.. Nodak Insurance also manages Battle Creek Mutual Insurance Co. and reinsures 100 percent of the risk on all insurance policies issued by Battle Creek.
Source: NI Holdings Inc.
Topics Mergers & Acquisitions Auto
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