NI Holdings Inc. completed the acquisition of all the issued and outstanding stock of Owings Mills, Md.-headquartered Westminster American Insurance Co. from private shareholders.

Westminster American underwrites commercial multiperil insurance through independent agents.

The previously announced deal closed Jan. 1 and is set to diversify NI Holdings' products portfolio both geographically and by adding an additional commercial multiperil business line.

Westminster American shareholders will receive $40 million in cash as part of the transaction.

Westminster American's legal adviser was Venable LLP. Sherman & Co. was NI Holdings' financial adviser, while Dorsey & Whitney LLP was the company's legal adviser during the transaction.