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National General acquiring QBE farm P&C unit in US$43M deal

National General Holdings Corp. agreed to acquire National Farmers Union Property and Casualty Co. from QBE North America for an estimated $43 million.

The transaction is expected to close in the first half of 2019, subject to customary closing conditions and regulatory approvals.

National Farmers Union P&C writes mostly personal and farm auto and farm and homeowners' insurance in the Midwestern U.S. The company has an exclusive agreement and relationship with National Farmers Union until 2050.

QBE North America said the agreement will allow it to prioritize areas including its specialty, core commercial, programs, crop, Westwood and reinsurance businesses.

Kramer Levin Naftalis & Frankel LLP served as legal counsel to National General. Deutsche Bank Securities Inc. served as financial adviser and Locke Lord LLP acted as legal counsel to QBE.

QBE North America is part of QBE Insurance Group Ltd.