National General Holdings Corp. Announces the Closing of the Acquisition of Certain Business Lines and Assets From Assurant H...
October 01 2015 - 3:30PM
National General Holdings Corp. (NASDAQ:NGHC) today announced the
closing of the previously disclosed acquisition of certain business
lines and assets from Assurant Health, which is a business segment
of Assurant, Inc. (NYSE:AIZ). Included in the transaction are the
small group self-funded and supplemental product lines, as well as
the acquisition of North Star Marketing, a proprietary small group
sales channel. The purchase price was an aggregate cash payment of
$14 million.
About National General Holdings Corp.
National General Holdings Corp., headquartered in New York City,
is a specialty personal lines insurance holding company. National
General traces its roots to 1939, has a financial strength rating
of A- (excellent) from A.M. Best, and provides personal and
commercial automobile, homeowners, umbrella, recreational vehicle,
motorcycle, supplemental health, and other niche insurance
products.
Forward Looking Statements
This news release contains "forward-looking statements" that are
made pursuant to the safe harbor provisions of the Private
Securities Litigation Reform Act of 1995. The forward-looking
statements are based on the Company's current expectations and
beliefs concerning future developments and their potential effects
on the Company. Forward-looking statements can generally be
identified by the use of forward-looking terminology, such as
"may," "will," "plan," "expect," "project," "intend," "estimate,"
"anticipate" and "believe" or their variations or similar
terminology. There can be no assurance that actual developments
will be those anticipated by the Company. Actual results may differ
materially from those expressed or implied in these statements as a
result of significant risks and uncertainties, including, but not
limited to, non-receipt of expected payments from insureds or
reinsurers, changes in interest rates, a downgrade in the financial
strength ratings of our insurance subsidiaries, the effect of the
performance of financial markets on our investment portfolio,
estimates of the fair value of life settlement contracts,
development of claims and the effect on loss reserves, accuracy in
projecting loss reserves, the cost and availability of reinsurance
coverage, the effects of emerging claim and coverage issues,
changes in the demand for our products, our degree of success in
integrating acquired businesses, the effect of general economic
conditions, state and federal legislation, regulations and
regulatory investigations into industry practices, risks associated
with conducting business outside the United States, developments
relating to existing agreements, disruptions to our business
relationships with AmTrust Financial Services, Inc., ACP Re Ltd.,
Maiden Holdings, Ltd. or third parties, breaches in data security
or other disruptions involving our technology, heightened
competition, changes in pricing environments, and changes in asset
valuations. The forward-looking statements contained in this news
release are made only as of the date of this release. The Company
undertakes no obligation to publicly update any forward-looking
statement except as may be required by law. Additional information
about these risks and uncertainties, as well as others that may
cause actual results to differ materially from those projected is
contained in the Company's filings with the Securities and Exchange
Commission.
CONTACT: Investor Contact
Dean Evans
Director of Investor Relations
Phone: 212-380-9462
Email: Dean.Evans@NGIC.com
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