National GeneralHoldings Corp.  has closed anoffering of depositaryshares for total net proceeds of about $193.5 million.

Each share represents a 0.025 interest in a share of the company's7.50% noncumulative series C preferred stock at an offering price of $25 per depositaryshare.

The underwriters exercised their overallotment option for 1 millionshares in full, resulting in a total issuance of 8 million depositary shares forgross proceeds of $200 million. The company expects to use the net proceeds forgeneral corporate purposes, which may include acquisitions and supporting currentand future policy writing.