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National General Holdings Corp. (NGHC) announced a redemption of its 7.50% Non-Cumulative Preferred Stock, Series A, and all outstanding Class B Depositary Shares on February 3, 2021, at a redemption price of $25.00 per share. The company also plans to redeem its 7.625% Subordinated Notes due 2055 at 100% principal plus accrued interest. Additionally, National General intends to redeem its Class C Depositary Shares in July 2021 and has notified NASDAQ of its voluntary delisting. These changes reflect the company’s ongoing strategy to optimize its capital structure.
National General Holdings Corp. (NGHC) reported a robust third quarter in 2020, achieving a net income of $102.1 million ($0.88/share), up from $63.3 million ($0.54/share) in Q3 2019. Operating earnings rose to $105.2 million ($0.90/share), bolstered by a 4.4% gross written premium increase to $1.37 billion. The property & casualty segment saw a combined ratio improvement to 92.4%. Stockholders' equity climbed to $3.1 billion, with a 17.1% year-to-date growth. The approved merger with The Allstate Corporation is pending regulatory approval, expected to close in Q1 2021.
National General Holdings Corp. (NASDAQ: NGHC) announced quarterly dividends for its common and preferred stock. A cash dividend of $0.05 per share will be paid on the common stock, along with dividends for preferred stocks: $0.46875 for Series A, and $18.75 for both Series B and C. The dividends will be payable on January 15, 2021 to shareholders of record as of January 1, 2021. This is prior to the expected merger with The Allstate Corporation, projected to close in Q1 2021.
National General Holdings Corp. (Nasdaq: NGHC) announced a quarterly dividend payment for its common and preferred stock. Shareholders will receive a cash dividend of $0.05 per share on common stock and various preferred stock dividends including $0.46875 for Series A, and $18.75 for Series B and C per share. These dividends will be payable on October 15, 2020, to shareholders of record as of October 1, 2020. The company holds an A- financial strength rating from A.M. Best, specializing in niche personal lines insurance.
National General Holdings Corp. (NGHC) reported a robust second quarter for 2020, achieving net income of $157.6 million or $1.37 per diluted share, a significant increase from $69.0 million or $0.60 per diluted share in Q2 2019. Operating earnings were also strong at $1.36 per diluted share. Gross written premiums grew 4.2% year-over-year to $1.24 billion, driven by both P&C and A&H segments. The combined ratio improved to 80.5%, down from 90.9% a year earlier. Stockholders’ equity rose to $3.0 billion, and a strategic agreement was announced for acquisition by Allstate at $34.50 per share.
The Allstate Corporation (NYSE: ALL) has announced its acquisition of National General Holdings Corporation for approximately $4 billion, equating to $34.50 per share. The deal is set to enhance Allstate's market share in personal property-liability insurance and is projected to close in early 2021, pending regulatory approvals. This acquisition is expected to generate an additional $4 billion in personal lines premiums, boosting market share to 10%. National General's expertise in non-standard auto insurance and its technology platforms will support Allstate’s growth strategy.
National General Holdings Corp. (NGHC) has appointed Clifford Gallant as senior vice president of capital strategy and investor relations. Gallant, a seasoned professional in the insurance sector, will report to CFO Mike Weiner and focus on enhancing investor relationships and corporate strategy. He has a robust background, previously managing an insurance portfolio for Philadelphia Financial Management and acting as a research analyst at Nomura. National General, founded in 1939, specializes in various insurance products and holds an A- financial strength rating from A.M. Best.
