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NI Holdings closes Direct Auto acquisition

NI Holdings Inc. completed its acquisition of Chicago-based Direct Auto Insurance Co. from private shareholders on Aug. 31.

Direct Auto shareholders will receive $17 million in cash under the stock purchase agreement.

The acquired entity underwrites specialty automobile insurance in Illinois through independent agents. Its statutory surplus was $16 million as of Dec. 31, 2017.

Direct Auto President Joe Fitzgerald will continue to manage the company's insurance operations with support from the current staff and management team.

Philo Smith Capital Corp. served as Direct Auto's financial adviser, while Beermann Pritikin Mirabelli Swerdlove LLP acted as legal adviser. Dorsey & Whitney LLP acted as NI Holdings' legal adviser in the transaction.