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Standard Mutual Insurance converting to stock company

NationalGeneral Holdings Corp. announced the approval of 'sconversion from a mutual company to a stock company named Standard Property& Casualty Insurance Co.

The decision was made during a special meeting StandardMutual members held Oct. 6.

In addition, National General Holdings completed itsoffering of common shares for cash on a subscription basis to certain StandardMutual members and non-employee directors. The company received subscriptionsof approximately $5 million.  

National General Holdings sold the shares at a purchaseprice of $18.1237 per share, which represented an 18.4507% discount to thevolume-weighted average trading price of a share of its common stock, asreported on the Nasdaq Global Select Market, for the 10-trading day periodending Oct. 5.

Pursuant to the terms of the plan of conversion, NationalGeneral Holdings will deliver 272,609 common shares, which represents thenumber of shares sold in the offering.

National General Holdings in January, agreed to Standard Mutual afterthe completion of Standard Mutual's conversion to a stock company.