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National General selling Swedish medical insurance operation for $138M

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National General selling Swedish medical insurance operation for $138M

National General Holdings Corp. agreed to sell its Euro Accident Health and Care Insurance Sweden operation to an investor group arranged by Impilo AB for about $138 million.

The transaction would result in an estimated pretax gain on sale of $3 million, which is net of a negative realized foreign exchange translation impact of $22 million.

The deal is expected to close in late 2019 or early 2020, subject to closing conditions and regulatory approvals. Euro Accident Sweden's net earned premium was $50 million for the first half of this year and $111 million for full year 2018.

Its contribution to National General's pretax earnings was a loss of $3 million for the first half of the year and a pretax gain of $3 million for full year 2018. It mainly provides personal medical insurance, an enhanced medical policy that supplements a national healthcare plan provided to large group and individuals.