NI Holdings Acquires Westminster American Insurance Company
January 1, 2020
NI Holdings, Inc. (NASDAQ: NODK) completed the acquisition of Westminster American Insurance Company from private shareholders for $40 million, closing on January 1, 2020. The deal expands NI Holdings' geographic footprint and adds commercial multi-peril underwriting capacity; Westminster is headquartered in Owings Mills, Maryland and will continue to be managed by President John Scott, Jr., who received a $5.0 million retention bonus payable over five years.
- Buyers
- NI Holdings, Inc.
- Targets
- Westminster American Insurance Company
- Sellers
- Private shareholders
- Industry
- Insurance
- Location
- Maryland, United States
- Transaction Type
- Buyout
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