National General Holdings Corp. Announces Dividends on Common and Preferred Stock
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.
- Company continues dividend payments, signaling confidence.
- Planned merger with Allstate may enhance business value.
- Potential regulatory hurdles regarding the merger.
- Market uncertainties, including the COVID-19 impact.
NEW YORK, Oct. 29, 2020 (GLOBE NEWSWIRE) -- National General Holdings Corp. (Nasdaq:NGHC) today announced that its Board of Directors approved quarterly dividends on the company's common and preferred stock as follows:
- A cash dividend on the company's common stock of
$0.05 per share. - A cash dividend on the company's
7.50% Non-Cumulative Preferred Stock, Series A, in the amount of$0.46 875 per share. - A cash dividend on the company's
7.50% Non-Cumulative Preferred Stock, Series B, in the amount of$18.75 per share (equivalent to$0.46 875 per Depositary Share). - A cash dividend on the company's
7.50% Non-Cumulative Preferred Stock, Series C, in the amount of$18.75 per share (equivalent to$0.46 875 per Depositary Share).
The dividends on the company’s common and preferred stock will be payable on January 15, 2021 to shareholders of record as of January 1, 2021, provided that in any event the dividend on the common stock shall be payable prior to the closing date of the Company’s merger with The Allstate Corporation, which is expected to close in the first quarter of 2021.
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 us. 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, plans and expectations related to our proposed merger with The Allstate Corporation (“Allstate”), including anticipated timing for closing of the merger, the occurrence of any event, change or other circumstances that could give rise to the termination of the merger agreement with Allstate, the inability to complete the proposed merger due to the failure to obtain regulatory approval for the proposed merger or the failure to satisfy other conditions to completion of the proposed merger, the possibility that competing offers will be made, 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 potential effect of changes in LIBOR reporting practices, the effects of pandemics or other widespread health problems such as the ongoing COVID-19 pandemic on our business, including our investment portfolio, and the national and global economy generally, the effect of the performance of financial markets on our investment portfolio, our ability to accurately underwrite and price our products and to maintain and establish accurate loss reserves, estimates of the fair value of investments, development of claims and the effect on loss reserves, large loss activity including hurricanes and wildfires, the cost and availability of reinsurance coverage, the effects of emerging claim and coverage issues, the effect of unpredictable catastrophic losses, 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, the effects of tax reform, 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 third party vendors or agencies, 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.
Investor Contact
Clifford Gallant
SVP of Capital Strategy and Investor Relations
Phone: 212-380-9462
Email: Clifford.Gallant@NGIC.com
FAQ
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