4 private passenger auto insurer last year with nearly $22.73 billion in direct premiums written and a 9.11 percent market share.
“I wish to thank all of our past and present associates for their contributions to our success during our 27-year history.”Īllstate was the nation’s No. “I am confident that combining forces with National General with the backing of Allstate will allow SafeAuto to grow its platform in the non-standard space,” SafeAuto Chairman and co-founder Ari Deshe said in a statement. “SafeAuto will accelerate our strategy of offering affordable protection solutions by lowering costs and lead to higher growth,” National General President Peter Rendell said in a statement Tuesday. SafeAuto broadens the company’s product and distribution footprint.” “We are delighted to turn the reins over to Allstate and National General, which together, will take Playing It Safe with SafeAuto to the next level.”Īllstate said SafeAuto would “add capabilities and distribution” to National General’s nonstandard auto insurance direct business “and leverage National General’s track record of acquiring and integrating companies to accelerate growth. “It has been an honor to have worked with so many these past 27 years building SafeAuto into a company dedicated to making the purchase of auto insurance easy and affordable,” SafeAuto co-founder and Vice Chairman Jon Diamond said in a statement. Allstate plans to fold it into National General, which Allstate recently bought for $4 billion., following the SafeAuto purchase’s expected third-quarter closing. SafeAuto does business in 28 states and focuses on affordable state minimum auto insurance. Allstate announced Tuesday it would buy nonstandard auto insurer SafeAuto for $270 million in cash and about $30 million worth of “pre-close dividends of certain non-insurance assets.”
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