National Interstate Insurance merges, opens new facility

November 14, 2016 By    

National Interstate Insurance completed a merger with American Financial Group Inc. (AFG).

As a result of the merger, AFG acquired all shares of National Interstate Insurance not previously owned by Great American Insurance Co., AFG’s subsidiary. According to AFG, it had owned 51 percent of National Interstate Insurance’s shares. As part of the buyout, National Interstate Insurance paid a special cash dividend of 50 cents per share.

National Interstate Insurance will retain its name, employees and business plans in this transaction, according to a report from the Akron Beacon Journal. However, the company founder Alan Spachman plans to retire with the completion of this merger.

National Interstate Insurance also expanded into a larger facility, the Akron Beacon Journal reports. The company hosted a groundbreaking ceremony Nov. 10 for its 117,000 sq. ft. office building in Richfield, Ohio. According to the Akron Beacon Journal, the company expects to have 1,000 employees in the new facility, which is about 450 more employees than it has now.

National Interstate Insurance sells insurance for passenger, truck, and moving and storage transportation companies and recreational vehicle owners.

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About the Author:

Megan Smalley was an associate editor at LP Gas magazine.

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