A Locke Lord team led by Jeff Etherington provided counsel to National General Holdings Corp. in its recently announced agreement to buy Century-National Insurance Company, a California based property and casualty underwriter, for an expected total of $315 million, including an upfront cash payment of $140 million with the remaining balance deferred over two years. According to the National General press release, the deal will expand National General’s standard and preferred products in both homeowners and personal auto and improve bundled products offerings. The transaction is expected to close in the second quarter of 2016, subject to closing conditions and regulatory approvals. The Locke Lord team also included Chris Flanagan (Tax), Lori Basilico (Employee Benefits), Joe Farside (Antitrust) and Zach Lerner (Insurance).
Posted January 25, 2016