Specialty personal lines insurance firm National General Holdings (NGHC) has agreed to acquire California-based property and casualty underwriter Century-National Insurance (CNIC), for around $315m.
Under the deal, NGHC has currently agreed to pay around $140m cash, and the remaining amount in two years.
National General chairman and CEO Michael Karfunkel said: "The Century-National book fits well with our goal of expanding the standard and preferred products in both homeowners and personal auto, as well as enhancing our ability to bundle these products together and improve customer retention.
"We expect to realize substantial benefits from transitioning CNIC to our state-of-the-art technology system, advanced analytics, comprehensive reinsurance structure, and shared services platform."
Based in Van Nuys, CNIC is involved in underwriting homeowners, personal auto and commercial auto liability products.
The firm also provides fire and allied lines, earthquake and commercial multi-peril coverages to its customers.
With around 250 employees, CNIC provides insurance services in 41 US states, including California, Nevada, Arizona and Illinois.
The company had written around $180m of direct written premium in 2014.
Subject to customary closing conditions and regulatory approvals, the deal is expected to complete in the second quarter of this year.
NGHC offers personal and commercial automobile, homeowners, umbrella, recreational vehicle, motorcycle, supplemental health and other insurance products to its customers.
Image: Century-National Insurance provides homeowners, personal auto and commercial auto liability products. Photo: courtesy of Stuart Miles / FreeDigitalPhotos.net.