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Allstate has agreed to acquire Ohio-based SafeAuto, which offers car insurance that meets the minimum legal requirements in 28 states.
The acquisition will be through Allstate subsidiary National General and SafeAuto will be integrated into National General's direct-to-consumer non-standard auto insurance operations.
Total consideration includes a $270 million cash purchase price plus approximately $30 million in pre-close dividends of certain non-insurance assets.
"SafeAuto will accelerate our strategy of offering affordable protection solutions by lowering costs and lead to higher growth," said Peter Rendall,...