Property and casualty insurance provider State National Companies Inc. said May 13 its subsidiary, State National Insurance Co. Inc., will acquire United National Specialty Insurance Co. from Diamond State Insurance Co. for $7.35 million, excluding capital and surplus.
The purchase price will be capitalized as an intangible asset. Subject to regulatory approvals and customary closing conditions, the transaction is expected to close by the end of the third quarter 2016.
United National Specialty Insurance is an admitted shell company with licenses in 49 states, all but Pennsylvania.
Founded in 1973 and headquartered in Bedford, State National Companies operates in two niche markets across the United States. In its lender services segment, the company provides collateral protection insurance, which insures personal automobiles and other vehicles held as collateral for loans made by credit unions, banks and specialty finance companies. In its program services segment, the company leverages its “A” (Excellent) A.M. Best rating, expansive licenses and reputation to provide access to the U.S. property and casualty insurance market in exchange for ceding fees.
The company trades on NASDAQ with the symbol SNC.
Betty Dillard
bdillard@bizpress.net