Allstate announced its acquisition of SafeAuto for $270M, just six months after closing its purchase of National General.
Under this agreement, Allstate will pay about $30 million in pre-close dividends of certain non-insurance assets in addition to the $270 million, and is expected to close the all-cash deal near the end of the third quarter.
SafeAuto is a privately-held company based in Columbus, Ohio, operating in 28 states, providing state-minimum auto insurance to consumers seeking nonstandard auto options. The carrier also recently partnered with insurtech startup Hugo in May 2021 to offer customers usage-based auto insurance.