State National Companies (SNC), a leading specialty provider of property and casualty insurance, today announced that its subsidiary, State National Insurance Company, has entered into an agreement to acquire United National Specialty Insurance Company (UNSIC) from Diamond State Insurance Company for $7.35 million, excluding capital and surplus.
UNSIC is an admitted shell company with licenses in 49 states (all but Pennsylvania). The purchase price will be capitalized as an intangible asset.
Subject to regulatory approvals and customary closing conditions, the transaction is expected to close by the end of the third quarter 2016.
State National Companies is a leading specialty provider of property and casualty insurance operating in two niche markets across the United States.
In its Lender Services segment, the company specializes in providing collateral protection insurance, which insures personal automobiles and other vehicles held as collateral for loans made by credit unions, banks and specialty finance companies.