National Interstate Insurance, an insurance subsidiary of National Interstate, has completed the acquisition of Vanliner Insurance, a provider of insurance services for the moving and storage industry, from UniGroup, for approximately $128m.
The purchase price, paid in cash from available funds, represents Vanliner’s estimated tangible book value at closing, as well as the value of certain named information technology assets.
In conjunction with the acquisition, National Interstate and UniGroup entered into a five-year agreement under which Vanliner remains the exclusively endorsed insurance provider for UniGroup’s affiliated Mayflower Transit and United Van Lines moving and storage agents.
Vanliner will continue to operate from its current offices in Fenton, Missouri, offering insurance solutions to the entire moving and storage industry.
Dave Michelson, president and CEO of National Interstate, said: Our moving and storage customers and business partners will continue to receive uninterrupted, excellent service that they have come to expect from Vanliner over the years.