- Companies
- National General Insurance
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 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
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
Website
Status
Acquired
Customer focus
B2C & B2B
Revenue model
Product sales
Revenue
$5.6B (Jul 2020)
Valuation
$4B (acquired Jul 2020)
Sectors
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.
| Acquirer | Date | Type | Price | EV/Revenue | EV/EBITDA |
|---|---|---|---|---|---|
| 7 Jul 2020 | Strategic M&A | $4B | 0.7x | 5.2x |
National General Insurance Funding History
National General Insurance has raised a total of $190M across 1 funding round.
National General Insurance funding rounds
| Date | Stage | Raised | Deal Summary |
|---|---|---|---|
| Feb 2014 | Undisclosed stage | $190M | National 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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Start Free TrialAcquisitions 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
| 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 Country | |||
| HQ City | Columbus, OH | - | Nashville, TN |
| Deal Date | 1 Jun 2021 | 17 Jan 2017 | 24 Jun 2016 |
| Valuation | $300M | undisclosed | $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.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Publicly listed | $1.7B | $450M | $4B | 2.8x | ||
| Publicly listed | $1.5B | $375M | $3.9B | 2.5x | ||
| Publicly listed | $1.1B | $238M | $3.9B | 4.5x | ||
| Publicly listed | $7.1B | $538M | $3.9B | 0.6x | ||
| Private | $43M | $132M | $3.6B | - | ||
| Private | $850M | - | $4.6B | 5.4x |
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 FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $1.7B | $450M | 2.2x | 2.8x | 8.0x | 7.5x | |||
| $1.5B | $375M | 2.7x | 2.5x | 10.8x | - | |||
| $1.1B | $238M | 4.8x | 4.5x | 21.5x | 10.8x | |||
| $7.1B | $538M | 0.6x | 0.6x | 8.2x | - | |||
| $160M | $75M | 27.4x | 22.9x | 58.5x | 38.0x | |||
| $738M | ($146M) | 5.1x | 3.5x | (25.9x) | (55.1x) | |||
| $2.1B | $303M | 1.8x | 2.0x | 12.5x | - | |||
| $876M | $263M | 4.4x | 1.6x | 14.8x | - | |||
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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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