National General Holdings Corp. (NGHC)

National General Holdings Corp. was a New York based specialty personal lines insurer. It sold private passenger auto insurance, including nonstandard coverage for higher-risk drivers, along with homeowners, recreational vehicle and small business policies, and it built a sizable accident and health insurance unit. Much of its business came through independent agents and affinity partnerships.

The company was formed in 2009 by the Karfunkel family to buy the personal auto insurance business of GMAC, the former auto finance arm of General Motors, a deal completed on March 1, 2010. The GMAC insurance operations dated back to 1939. National General later listed its shares on Nasdaq under the ticker NGHC and grew through a series of acquisitions.

In July 2020 Allstate agreed to buy National General for about $4 billion in cash to expand its independent agent distribution and nonstandard auto business. Shareholders received $32.00 per share in cash from Allstate, plus a $2.50 per share special dividend paid by National General, for total value of $34.50 per share.

The merger took effect on January 4, 2021, and Nasdaq filed to delist the stock that day. National General became part of Allstate, which kept the brand for its independent agent business. Allstate trades on the NYSE under the ticker ALL. Allstate merged the businesses into its operations and used National General's agency network to grow its personal lines insurance sales through independent agents.