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State National unit enters loan agreement

State NationalCos. Inc. on March 31, through its subsidiary T.B.A. Insurance Group Ltd., entered into a loan agreementwith Frost Bank as lender, which provides for a secured revolving credit facilityin an aggregate principal amount of $15 million.

According to a Form 8-K filed April 5, the agreement matureson April 30, 2018. Under the agreement, T.B.A. may request advances up to the aggregateamount of the unused commitment under the credit facility, on a revolving basis,prior to the maturity of the agreement. Borrowings will bear interest at a variablerate equal to The Wall Street JournalLIBOR plus 1.85% per annum, provided that TheWall Street Journal LIBOR will be subject to a floor of 0.15%. T.B.A. also willpay a commitment fee to Frost on the daily average unused commitment amount forthe period running from the closing date to the maturity date at a rate of 0.25%per annum.

T.B.A.'s obligations under theagreement are guaranteed by State National and are secured by a securities accountin the name of T.B.A. maintained with Frost. T.B.A. must maintain assets with amarket value of at least $25 million in the securities account.

T.B.A. expects to use the proceeds of any borrowings under theagreement as needed to provide short-term liquidity and to minimize the need tocarry large cash balances to protect against various contingencies.