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UPDATE: National General Holdings Corp. Announces Acquisition of Healthcare Solutions Team, LLC

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National General Holdings Corp.
(Nasdaq: NGHC) today announced that it has closed upon the acquisition of
Healthcare Solutions Team, LLC ("HST"), an Illinois based healthcare insurance
managing general agency, for cash consideration. The purchase price for the
transaction includes an upfront cash payment of $15 million and potential
future earn out payments based on HST's overall profitability.

Michael Karfunkel, Chairman and Chief Executive Officer of National General,
stated: "We are excited about the addition of HST to our growing A&H
division. HST has a strong track record of growth and profitability in
products consistent with and complementary to our current portfolio, and
provides a broad distribution platform which we can leverage to further grow
our existing business. We look forward to working with the HST team, led by
co-founding partners Grant Born and Joseph Eichman, on the integration of this
transaction. We expect the transaction to be immediately accretive to
earnings."

Posted-In: M&A News Press Releases

 

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