Lightyear Capital LLC, a New York-based private equity firm, has completed the sale of crop insurer The NAU Group to QBE Holdings, Inc. NAU is now a wholly-owned subsidiary of QBE.
As consideration for the merger, QBE made a cash payment of $565 million and in addition, the stockholders of NAU received a cash dividend of $30 million immediately prior to closing.
Lightyear originally invested in NAU in May, 2005. Since then, NAU has risen from the seventh to third largest writer of multi-peril crop insurance in the U.S., with a current market share position of 11 percent.
NAU is headquartered in Ramsey, Minn. NAU operates 10 offices across the U.S. and is represented by1,600 independent agents. The company also maintains an A- rating from A.M. Best.
Topics Carriers Agribusiness
Was this article valuable?
Here are more articles you may enjoy.
Former Bucknell University Coach Charged in Death of Freshman Football Player 
Premiums Will Skyrocket by 2035; Discounts Not Enough for Wind Mit, Studies Say 
Ryanair Passenger Partly Sucked From Jet After Window Breaks 
Private Equity Turns to Heat Detectives as Climate Risks Intensify 
