Investment Banking - Illinois Department of Insurance

Transactions | Insurance

Client: Illinois Department of Insurance
Industry: Insurance
Transaction Type: Demutualization
Role: Financial Advisor to DOI

  • In January 2016, National General Holdings Corp. (NASDAQ: NGHC) (“National General”) announced its potential acquisition of Standard Mutual Insurance Company (“SMIC”), an Illinois-domiciled mutual insurance company that underwrites both personal and commercial lines of property and casualty insurance in Illinois and Indiana.
  • The anticipated acquisition will close following SMIC’s completion of its conversion to a stock company from a mutual company under Illinois’s subscription rights conversion statute.
  • Boenning completed an in-depth review of the Transaction, including the allocation of subscription rights and the appraisal of the Company’s pro forma market value, and provided a report of its findings to the Illinois Department of Insurance (“IDOI”) to assist in their evaluation of the Transaction.
  • Boenning acted as financial advisor to IDOI in connection with its review of the Transaction.