National General Insurance Acquisition, Valuation, Funding & Investors

National General Insurance was acquired by Allstate for $4B in July 2020, a 0.7x multiple on $5.6B of revenue.

National General Insurance acquisition price

$4B

Acquired by Allstate · Jul 2020

National General Insurance revenue at acquisition

$5.6B

Last twelve months · Jul 2020

National General Insurance revenue multiple at acquisition

0.7x

EV/Revenue · Jul 2020

National General Insurance EBITDA multiple at acquisition

5.2x

EV/EBITDA · Jul 2020

National General Insurance Overview

About National General Insurance

National General Insurance is a Raleigh, North Carolina-headquartered specialty insurer offering personal and commercial auto, homeowners, RV, motorcycle, and lender-placed policies. The company underwrites through subsidiaries in 50 states, using predictive analytics for risk selection and a digital platform for claims processing. Acquired by Allstate in 2021, it manages over $5 billion in premiums annually and partners with affinity groups for niche products like boat and ATV coverage. National General maintains call centers in Phoenix and Tampa for customer service.


Founded

1920

HQ

United StatesNew York City, NY

Status

Acquired

Customer focus

B2C & B2B

Revenue model

Product sales

Revenue

$5.6B (Jul 2020)

Valuation

$4B (acquired Jul 2020)

National General Insurance Acquisition

National General Insurance was acquired by Allstate for $4B on 7 July 2020.

The acquisition price implies a 0.7x revenue and 5.2x EBITDA multiple on $5.6B of revenue.

Before the acquisition National General Insurance had raised $190M across 1 funding round.

National General Insurance acquisition details
AcquirerDateTypePriceEV/RevenueEV/EBITDA
7 Jul 2020Strategic M&A$4B0.7x5.2x

National General Insurance Funding History

National General Insurance has raised a total of $190M across 1 funding round.

National General Insurance funding rounds

National General Insurance funding rounds
DateStageRaisedDeal Summary
Feb 2014Undisclosed stage$190MNational General Holdings Corp. is an insurance holding company that provides property and casualty insurance and accident and health insurance products. For the year ended December 31, 2014, the company reported total consolidated revenues of $1,862 million, with gross premium written of $2,135 million and net premium written of $1,870 million. The company operates through multiple insurance subsidiaries with an A.M. Best rating of A- (Excellent), reflecting strong financial stability and ability to meet policyholder obligations. National General's geographic footprint includes significant operations in New York (20.4% of revenues) and North Carolina (19.0% of revenues). The company's Accident and Health (A&H) segment, established in 2012, provides supplemental insurance products through multiple distribution channels. As of June 30, 2014, the aggregate market value of common stock held by non-affiliates was $619,046,447, though this does not represent an explicit post-money valuation for a specific funding round.

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Acquisitions by National General Insurance

National General Insurance has acquired 3 companies to date.

Last acquisition by National General Insurance was on June 1st 2021. National General Insurance acquired SafeAuto for $300M.


Latest Acquisitions by National General Insurance

SafeAuto
Quotit
Direct General Insurance
Description
SafeAuto is a Columbus-headquartered provider of non-standard auto insurance covering liability, collision, and comprehensive policies in 17 states including Ohio, Indiana, and Texas. Founded in 1993, the carrier focuses on high-risk drivers with online quoting and payment plans starting from monthly premiums. SafeAuto partners with managing general agents for underwriting and claims handling across the Midwest and Southeast.
Quotit is a San Ramon-based software provider delivering quoting engines and enrollment platforms for health insurance brokers and carriers. Its cloud-based tools support ACA-compliant plans, Medicare Advantage, and group benefits, processing millions of quotes monthly. Integrated with carriers like UnitedHealthcare and Aetna, the platform serves 20,000 agencies nationwide since its establishment in 2001.
Direct General Insurance is an insurance provider specializing in non-standard auto coverage across 13 southeastern U.S. states including Florida, Georgia, and Texas. The company operates through 400 retail storefronts, a call center, and its website at directauto.com. Beyond auto insurance, it offers life insurance, roadside assistance, prepaid debit cards, emergency protection plans, and tax preparation services. Direct General employs over 2,400 people and generates annual revenues exceeding $500 million.
HQ CountryUnited StatesUnited StatesUnited States
HQ City
Columbus, OH
-
Nashville, TN
Deal Date1 Jun 202117 Jan 201724 Jun 2016
Valuation$300Mundisclosed$165M
EV/Revenue
EV/EBITDA

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National General Insurance Competitors

National General Insurance competitors include listed companies like Thai Life Insurance, Protector Forsikring, CCC Intelligent Solutions and Genworth Financial, and private ones like Root Insurance and wefox.

Public and private companies comparable to National General Insurance
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
Thai Life InsuranceThailandThailandPublicly listed$1.7B$450M$4B2.8x
Protector ForsikringNorwayNorwayPublicly listed$1.5B$375M$3.9B2.5x
CCC Intelligent SolutionsUnited StatesUnited StatesPublicly listed$1.1B$238M$3.9B4.5x
Genworth FinancialUnited StatesUnited StatesPublicly listed$7.1B$538M$3.9B0.6x
Root InsuranceUnited StatesColumbus, OHPrivate$43M$132M$3.6B-
wefoxGermanyBerlinPrivate$850M-$4.6B5.4x

National General Insurance Public Comps

National General Insurance is no longer listed, but its public comps include Thai Life Insurance, Protector Forsikring, CCC Intelligent Solutions, Genworth Financial, Neptune Insurance Hldgs, Lemonade, Alm Brand, Palomar Holdings, E-L Financial and Old Mutual.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Thai Life Insurance$1.7B$450M2.2x2.8x8.0x7.5x
Protector Forsikring$1.5B$375M2.7x2.5x10.8x-
CCC Intelligent Solutions$1.1B$238M4.8x4.5x21.5x10.8x
Genworth Financial$7.1B$538M0.6x0.6x8.2x-
Neptune Insurance Hldgs$160M$75M27.4x22.9x58.5x38.0x
Lemonade$738M($146M)5.1x3.5x(25.9x)(55.1x)
Alm Brand$2.1B$303M1.8x2.0x12.5x-
Palomar Holdings$876M$263M4.4x1.6x14.8x-

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Common questions about National General Insurance

When was National General Insurance founded?National General Insurance was founded in 1920.
Where is National General Insurance headquartered?National General Insurance is headquartered in New York City, NY, United States.
Is National General Insurance publicly listed?No, National General Insurance was acquired by Allstate in July 2020.
Who acquired National General Insurance?National General Insurance was acquired by Allstate in July 2020.
How much was National General Insurance acquired for?National General Insurance was acquired for $4B in July 2020, a 0.7x revenue multiple.
How much funding has National General Insurance raised?National General Insurance has raised $190M across 1 funding round.
What was National General Insurance's last funding round?National General Insurance's last funding round was a $190M undisclosed-stage round in February 2014.
Which companies are comparable to National General Insurance?Companies comparable to National General Insurance include Thai Life Insurance, Protector Forsikring, CCC Intelligent Solutions, Genworth Financial, Root Insurance and wefox.
How many companies has National General Insurance acquired?National General Insurance has acquired 3 companies, including SafeAuto, Quotit and Direct General Insurance.
What was the largest acquisition by National General Insurance?The $300M acquisition of SafeAuto in June 2021 is the largest acquisition National General Insurance has made to date.

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