NI Holdings, Inc. completed the acquisition of all issued and outstanding stock of Westminster American Insurance Company from Westminster American, LLC and private investors.
January 31, 2019
Share
NI Holdings, Inc. (NasdaqCM:NODK) entered into a definitive agreement to acquire all issued and outstanding stock of Westminster American Insurance Company from Westminster American, LLC and private investors for $40 million on October 28, 2019. Under the terms of the stock purchase agreement, NI Holdings has agreed to pay Westminster American shareholders $20 million at the closing date, and approximately $6.7 million annually over the three-year period from the date of closing subject to certain adjustments. John Scott, Jr., the President of Westminster American, will continue to manage the Westminster American insurance operations along with the current staff and management team. Transaction is subject to customary closing conditions, including regulatory approval and closing the transaction is expected early next year. The Maryland Insurance Administration approved the acquisition on December 19, 2019. Venable LLP served as Westminster American Insurance Company’s legal advisor. Sherman & Company served as NI Holdings’ financial advisor and Dorsey & Whitney LLP was NI Holdings’ legal advisor in this transaction.
NI Holdings, Inc. (NasdaqCM:NODK) completed the acquisition of all issued and outstanding stock of Westminster American Insurance Company from Westminster American, LLC and private investors on January 1, 2020. The purchase price paid by NI Holdings at the closing of $20 million was in cash. NI Holdings also agreed to pay to Westminster American on each of the first and second anniversaries of the closing, and on the first business day of the month preceding the third anniversary of the closing, an amount equal to one third of $20 million.
NI Holdings, Inc. is an insurance holding company. The Company is the stock holding company of Nodak Insurance Company (Nodak Insurance). Nodak Insurance is a domestic property and casualty insurance company. The Companyâs segments include private passenger auto insurance, non-standard auto insurance, home and farm insurance, crop insurance, commercial insurance, and all other. The private passenger auto insurance segment writes private passenger auto insurance to provide protection against liability for bodily injury and property damage arising from automobile accidents as well as protection against loss from damage to automobiles owned by the insured. The non-standard auto insurance segment writes non-standard auto insurance. The home and farm insurance segment writes homeowners and farmowners policies. The crop insurance segment offers crop hail and multi-peril crop insurance policies. The commercial insurance segment writes commercial multi-peril policies.
NI Holdings, Inc. completed the acquisition of all issued and outstanding stock of Westminster American Insurance Company from Westminster American, LLC and private investors.
NI HOLDINGS, INC. 
