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NI Holdings to Acquire Direct Auto Insurance Company
Wednesday 13 June 2018

13 June 2018 - North Dakota, US-based insurance holding company NI Holdings, Inc. (NASDAQ: NODK) has agreed to purchase 100% of the stock of Chicago, US-based automobile insurance underwriter Direct Auto Insurance Company from private shareholders, the company said.

Terms of the transaction were not disclosed.

Closing the transaction is expected later this year subject to customary closing conditions, including regulatory approval.

NI Holdings said the acquisition of Direct Auto furthers the company's goal of diversifying its business and growing insurance operations.

Direct Auto is expected to enhance earnings and growth along with complementing the company's core business strategy of providing personal lines products and services to defined segments of the insurance marketplace.

NI Holdings, Inc. is an insurance holding company, and the stock holding company of Nodak Insurance.

Philo Smith Capital Corp. served as Direct Auto Insurance Company's financial advisor and Beermann Pritikin Mirabelli Swerdlove LLP as legal advisor. Dorsey and Whitney LLP was NI Holdings' legal advisor in this transaction.
Date Published: 13/06/2018
Target: Direct Auto Insurance Company
Country: USA
Sector: Insurance
Type: Corporate acquisition
Status: Agreed
Buyer: NI Holdings
Buyer Advisor: Dorsey and Whitney
Terms of the deal were not disclosed