NI Holdings has concluded the sale of its fully owned commercial insurance arm, Westminster American Insurance Company (WAIC), to a private entity. 

The sale has been completed for a total consideration of $10.5m in cash. 

The completion of this transaction comes after the satisfaction of required closing conditions, regulatory approval and adjustments, as outlined in the purchase agreement dated 7 May 2024. 

NI Holdings said that it intends to use the proceeds from this transaction for general corporate purposes. 

At the time of the initial signing, NI Holdings’ CEO and president, Michael Alexander, stated that the sale would enable the company to reallocate resources towards its core businesses. 

The move is also expected to enhance NI Holdings’ ability to deliver favourable returns over the long term. 

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WAIC was originally chartered in Maryland, US, in 1869 as the Mutual Fire Insurance Company of Carroll County. 

The company, also called Carroll County Mutual (CCM), was established with the objective of safeguarding the financial interests of farmers and homeowners across rural Carroll County in Maryland. 

In 2005, following the acquisition of the demutualised CCM from state-supervised rehabilitation, the new ownership and management rebranded the company as WAIC. 

Subsequently, all underwriting activities were then redirected towards the commercial real estate sector within the mid-Atlantic region. 

In January 2020, NI Holdings completed the acquisition of WAIC from private shareholders as part of its strategy to broaden its portfolio of products and expand its geographic presence.  

NI Holdings paid $40m in cash to the shareholders of WAIC. 

WAIC, which has more than $75m in direct written premiums, specialises in insuring commercial real estate in the mid-Atlantic region, providing policies such as commercial umbrella policies, business owner’s policies and commercial package policies.