Northbrook, Ill., June 1, 2021 – Allstate Corporation (NYSE: ALL) has agreed to acquire SafeAuto, a non-standard auto insurance carrier focused on providing state-minimum private-traveller auto insurance with coverage options in 28 states. It is done. The total consideration includes a $270 million cash purchase price and approximately $30 million in ex-close dividends of certain non-insurance assets.
SafeAuto, a privately held company headquartered in Columbus, Ohio, will add capabilities and distribution to National General’s direct-to-consumer non-standard auto insurance operations, and National General’s plans to acquire and integrate companies to accelerate growth. Will take advantage of General’s track record. SafeAuto broadens the company’s product and distribution footprint.
“National General’s integration of Allstate’s independent agent businesses has made excellent progress, and the team has the ability to integrate SafeAuto into its direct insurance business,” said Glenn Shapiro, president, personal asset-liability. “SafeAuto will accelerate our strategy of offering affordable security solutions by reducing costs and driving high growth,” said Peter Rendl, President, National General, Property & Casualty.
“National General’s acquisition and integration capabilities, combined with Allstate’s backing and capital, enable us to serve more customers,” said Ron Davis, CEO of SafeAuto.
The transaction is expected to close at the end of the third quarter, subject to regulatory approval and customary closing conditions. Cash purchase of SafeAuto will be conducive to earning immediately.
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