Specialty personal lines insurer National General Holdings (NGHC) has agreed to acquire Illinois-based property and casualty underwriter, Standard Mutual Insurance (SMIC).
Terms of the deal have not been disclosed.
Based in Springfield, SMIC provides private passenger automobile and homeowners insurance products to its customers in Illinois and Indiana.
With around 250 independent agents, the company had written around $49m of direct written premium in 2014, in addition to $37m through the first nine months of last year.
National General chairman and CEO Michael Karfunkel said: "The SMIC acquisition provides us entry into the states of Illinois and Indiana for both the homeowners and package products, and adds to our expansion efforts of standard and preferred personal lines products.
"We believe this combination will enhance both companies, and we expect to realize substantial benefits from transitioning Standard Mutual to our state-of-the-art technology system, our comprehensive reinsurance structure, and our shared services platform."
Subject to customary closing conditions and regulatory approvals, the deal is expected to complete in the second quarter of this year.
In this month, NGHC has also agreed to acquire California-based property and casualty underwriter Century-National Insurance (CNIC), for around $315m.
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.
Based in New York City, NGHC offers personal and commercial automobile, homeowners, umbrella, recreational vehicle, motorcycle, supplemental health and other insurance products to its customers.
Image: Standard Mutual Insurance provides private passenger automobile and homeowners insurance products. Photo: courtesy of Stuart Miles / FreeDigitalPhotos.net.