Great american insurance company to acquire national interstate corporation nasdaq_natl

RICHFIELD, Ohio, July 25, 2016 (GLOBE NEWSWIRE) — National Interstate Corporation (Nasdaq: NATL) (“National Interstate” or the “Company”) announced today that it has entered into a definitive agreement with Great American Insurance Company, a wholly-owned subsidiary of American Financial Group, Inc. First call direct car insurance (“Great American”), in which Great American will acquire the approximately 49% of the Company’s issued and outstanding common shares that Great American does not presently own. Direct national insurance The merger is an all-cash transaction that values the Company at approximately $660 million, including assumption of debt in connection with the merger.

National Interstate is the holding company for a specialty property-casualty insurance group which offers products and services designed to meet the unique needs of niche markets. Direct insurance florida Great American is a property and casualty insurance company, focusing on specialty commercial products for businesses, and in the sale of traditional fixed and fixed-indexed annuities in the retail, financial institutions and education markets.

Under the terms of the proposed merger, National Interstate shareholders will receive $32.00 in cash for each share of National Interstate common stock they hold. Insurance services direct In addition, National Interstate will pay a special dividend of $0.50 per common share upon the closing of the merger. Direct insurance company nashville tn This represents a premium of approximately 43.7% to the Company’s closing stock price on March 4, 2016, the last trading day before American Financial Group, Inc. Auto direct car insurance reviews (“AFG”), Great American’s parent company, announced that Great American was proposing to acquire all of the outstanding common shares of National Interstate that Great American did not already own.

National Interstate’s Board of Directors has unanimously approved (other than directors affiliated with Great American, who recused themselves from such approval) the proposed merger based upon the unanimous recommendation of a Special Committee, which was comprised of independent directors not affiliated with Great American and advised by its own financial and legal advisors.


Direct auto insurance corporate office The Special Committee and the Board each recommend that the Company’s shareholders adopt the merger agreement.

“We have come to know AFG and Great American well over the years and value our deep relationship with them,” said Anthony J. Access direct insurance Mercurio, National Interstate’s President and Chief Executive Officer. First car direct insurance “Given that longstanding relationship, we are excited about National Interstate’s future as a wholly-owned subsidiary within AFG’s family of companies.”

The proposed merger is expected to close in the fourth quarter of 2016, subject to approval by the Company’s shareholders, including approval by a majority of the Company’s shareholders other than Great American and regulatory authorities, as well as the satisfaction or waiver of customary closing conditions.

Morgan Stanley & Co. Canadian direct insurance LLC is acting as financial advisor to the Special Committee, and Willkie Farr & Gallagher LLP is acting as its legal advisor. Direct insurance number Skadden, Arps, Slate, Meagher & Flom LLP is acting as legal advisor to Great American.

National Interstate will file a current report on Form 8-K with the U.S. Direct general insurance reviews Securities and Exchange Commission (“SEC”) containing a summary of terms and conditions of the proposed merger.

National Interstate Corporation (Nasdaq: NATL), founded in 1989, is the holding company for a specialty property-casualty insurance group which offers products and services designed to meet the unique needs of niche markets. Insurance direct autos Products include insurance for passenger, truck, and moving and storage transportation companies, alternative risk transfer, or captive programs for commercial risks, specialty personal lines products focused primarily on recreational vehicle owners, and transportation and general commercial insurance in Hawaii and Alaska. Direct choice insurance reviews The Company’s insurance subsidiaries, including the three primary insurers, National Interstate Insurance Company, Vanliner Insurance Company and Triumphe Casualty Company, are rated “A” (Excellent) by A.M. Canadian direct insurance inc Best Company. Pay direct auto insurance online Headquartered in Richfield, Ohio, National Interstate is an independently operated subsidiary of Great American Insurance Company, a property-casualty subsidiary of American Financial Group, Inc. Direct insurance services (NYSE: AFG).

This press release may contain forward-looking statements within the meaning of the federal securities laws. Dial direct insurance contact details Forward-looking statements relate to expectations, beliefs, projections, future plans and strategies, anticipated events or trends and similar expressions concerning matters that are not historical facts. Direct canada insurance In some cases, you can identify forward-looking statements by the use of forward-looking terminology such as “may,” “will,” “should,” “expects,” “intends,” “plans,” “anticipates,” “believes,” “estimates,” “predicts,” or “potential” or the negative of these words and phrases or similar words or phrases which are predictions of or indicate future events or trends and which do not relate solely to historical matters. Western direct insurance Forward-looking statements involve known and unknown risks, uncertainties, assumptions and contingencies, many of which are beyond our control, and may cause actual results to differ significantly from those expressed in any forward-looking statement. Direct auto insurance number Among others, the following uncertainties and other factors could cause actual results to differ from those set forth in the forward looking statements: the failure to receive, on a timely basis or otherwise, the required approvals by the Company shareholders and regulatory authorities in connection with the proposed merger; the risk that a condition to closing of the merger may not be satisfied; each company’s ability to consummate the merger; and operating costs and business disruption may be greater than expected. Motor direct insurance The foregoing list of factors is not exhaustive. Direct insurance claims Additional information about these and other factors can be found in the Company’s reports filed from time to time with the SEC. Western canadian direct insurance There can be no assurance that the merger will in fact be consummated. Direct one insurance We caution investors not to unduly rely on any forward-looking statements. Metropolitan direct auto insurance address All forward-looking statements reflect the Company’s good faith beliefs, assumptions and expectations, but they are not guarantees of future performance. Direct auto insurance commercial Furthermore, the Company disclaims any obligation to publicly update or revise any forward-looking statement to reflect changes in underlying assumptions or factors, of new information, data or methods, future events or other changes.

In connection with the proposed transaction, the Company will file with the SEC a proxy statement on Schedule 14A and may file other documents with the SEC regarding the proposed transaction. Auto direct insurance quote This press release is not a substitute for the proxy statement or any other document which the Company may file with the SEC. Direct insurance company claims INVESTORS IN AND SECURITY HOLDERS OF THE COMPANY ARE URGED TO READ THE PROXY STATEMENT AND ANY OTHER RELEVANT DOCUMENTS THAT ARE FILED OR WILL BE FILED WITH THE SEC, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THESE DOCUMENTS, CAREFULLY AND IN THEIR ENTIRETY BECAUSE THEY CONTAIN OR WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION AND RELATED MATTERS. Phone number for dial direct car insurance Investors and security holders may obtain free copies of the proxy statement (when available) and other documents filed with the SEC by the Company through the web site maintained by the SEC at www.sec.gov or by contacting the investor relations department of the Company at the following:

The Company and its directors and executive officers may be deemed to be participants in the solicitation of proxies in connection with the proposed merger. Auto direct car insurance contact number Information regarding the Company’s directors and executive officers, including a description of their direct interests, by security holdings or otherwise, is contained in the Company’s Annual Report on Form 10-K for the year ended December 31, 2015, its annual proxy statement filed with the SEC on March 29, 2016 and Current Report on Form 8-K filed by the Company with the SEC on July 25, 2016 in connection with the proposed merger. Aig direct insurance services inc A more complete description will be available in the proxy statement on Schedule 14A. Direct online insurance uk You may obtain free copies of these documents as described in the preceding paragraph.

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