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Allstate Closes National General Acquisition

Earlier this week, Allstate announced it closed its $4 billion acquisition of National General, a North Carolina-based property-casualty insurance group. The acquisition, announced in July 2020, sees Allstate expand its personal lines market position.
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Earlier this week, Allstate announced that it closed its $4 billion acquisition of National General, a North Carolina-based property-casualty insurance group.

The acquisition, which was announced in July last year, sees Allstate expand its personal lines market position. National General offers a range of insurance solutions through independent agents with a presence in non-standard auto insurance. In 2019, National General's gross written premiums totaled $5.6 billion, generating income of $319 million for the year.

“The acquisition of National General advances our strategy of growing personal lines insurance with an increase of 1 percentage point in market share," said Tom Wilson, chair, president and CEO of The Allstate Corporation.

“Independent agents will now have more protection offerings for customers, with a strong technology platform creating growth opportunities for them and Allstate," he added. “National General's accident and health business will also further expand Allstate's circle of protection."

By combining Encompass and Allstate's independent agent businesses with National General, Allstate becomes a top five personal lines carrier in the independent agent distribution channel.

Will Jones is IA editor-in-chief.

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Thursday, January 7, 2021
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