The global insurance market continues to see further consolidation (and attempted consolidation) as AllState purchases SafeAuto and merges the company into it’s National General brand. Purchase price is estimated at around $300 million.
National General was itself purchased by Allstate for $4 billion, a deal which closed earlier this year.
SafeAuto operates in 28 states through it’s website, app and call center at 1-800-SafeAuto. The move will see National General and SafeAuto expand it’s geography footprint, and move beyond non-standard insurance. SafeAuto has historically appealed to more “budget-conscious” drivers whom embraced the flexibility of starting and stopping coverage through the website or mobile app. Target audiences include young families and seniors on a fixed income who do not wish to purchase more than the minimum requirements.
The acquisition is expected to close by October.