Sentry Insurance Headquarters. Image courtesy: Sentry Insurance
STEVENS POINT, WI (WSAU) — Two Wisconsin-based Non-Standard Auto (NSA) insurance providers will merge under the terms of a deal announced on Thursday.
According to a news release from both companies, Sentry Insurance has agreed to purchase The General from American Family Insurance Agency for $1.1 billion in cash. The deal will merge The General into Sentry’s current NSA offering, Dairyland Insurance.
“This acquisition is the largest in our 120-year history. It brings together two of the strongest brands in the non-standard auto industry,” said Pete McPartland, Chairman and CEO of Sentry, in a press release. “Together, Dairyland and The General will be better able to meet the specialized needs of even more drivers across the country. It’s an exciting step forward for both companies, and I’m proud of the work our team has done to make this possible.”
The deal is expected to close by this year’s end, pending regulatory approval. The General and Daryland will continue to operate as separate entities until then. Once completed, some 1,500 employees of The General will join Sentry’s workforce while continuing to work out of Nashville, TN.
Non-Standard Auto Insurance is for those who have difficulty obtaining standard coverage. Both companies cover cars and trucks, off-road vehicles, and motorcycles.
The General has been offering NSA insurance since the 1960s and was most recently acquired by American Family in 2012. Dairyland has been in business since 1953 and was acquired by Sentry a little more than a decade later.
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