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Who Owns National General Insurance Company? Decoding the Ownership Structure

National General Insurance Company is not an independently owned entity. It is a subsidiary of The Allstate Corporation. Allstate acquired National General in January 2021 for approximately $4 billion. This acquisition significantly expanded Allstate’s independent agency distribution and personal lines insurance business.

A Deep Dive into National General’s Ownership

Understanding the ownership structure of insurance companies can be complex, but it’s crucial for consumers seeking clarity and trust. Before its acquisition, National General was a publicly traded company. However, the story changed after Allstate stepped in. Now, let’s unpack the details.

The Allstate Corporation: Parent Company Overview

The Allstate Corporation is one of the largest publicly held personal lines insurers in the United States. Headquartered in Northbrook, Illinois, Allstate provides a wide array of insurance products, including auto, home, life, and other property-liability offerings. The acquisition of National General was a strategic move to bolster its market presence and reach a broader customer base through independent agents.

How Allstate Acquired National General

The acquisition process involved Allstate purchasing all outstanding shares of National General Holdings Corp. This transaction effectively made National General a wholly-owned subsidiary, operating under the Allstate umbrella. The deal was driven by the synergistic opportunities between the two companies, particularly in expanding Allstate’s distribution channels.

The Impact of Allstate’s Ownership

Since becoming part of the Allstate family, National General has benefited from Allstate’s financial strength and resources. Allstate’s brand reputation and expertise provide National General with a competitive edge, while National General’s independent agency network enhances Allstate’s market penetration. This integration has allowed for streamlined operations and expanded product offerings for both companies.

Unveiling the FAQs: Your Questions Answered

Here are some frequently asked questions to further illuminate the ownership and operations of National General Insurance Company.

1. Is National General Insurance now called Allstate?

No, National General Insurance has not been renamed to Allstate. While it is a wholly-owned subsidiary of The Allstate Corporation, it continues to operate under the National General brand. This strategic decision allows Allstate to maintain National General’s existing customer base and independent agent network.

2. What types of insurance does National General offer?

National General Insurance offers a variety of insurance products, including:

Auto Insurance: Covering personal vehicles.
Homeowners Insurance: Protecting homes and personal property.
Umbrella Insurance: Providing additional liability coverage.
Recreational Vehicle (RV) Insurance: Insuring motorhomes, travel trailers, and other RVs.
Motorcycle Insurance: Covering motorcycles and related accessories.
Commercial Auto Insurance: Covering vehicles used for business purposes.

3. How does Allstate’s ownership affect National General policyholders?

For existing National General policyholders, the transition to Allstate ownership has generally been seamless. Policies remain in effect, and claims are processed according to the terms outlined in the policy agreements. Furthermore, the backing of Allstate provides added financial security and stability.

4. Where can I buy National General Insurance policies?

National General Insurance policies are primarily sold through independent insurance agents. These agents represent multiple insurance companies, including National General, allowing them to offer a variety of options to customers. You can also find information and potentially purchase policies through National General’s website, which will direct you to an agent.

5. What are the benefits of choosing National General Insurance?

Choosing National General Insurance offers several potential benefits:

Competitive Pricing: National General often offers competitive rates, especially for specific niches like RV and motorcycle insurance.
Flexible Coverage Options: They provide a range of coverage options to tailor policies to individual needs.
Strong Financial Backing: Being part of the Allstate Corporation ensures financial stability.
Independent Agent Network: Access to knowledgeable independent agents who can provide personalized service and advice.

6. How do I file a claim with National General Insurance?

To file a claim with National General Insurance, you can typically do so through several channels:

Online: Through the National General website or mobile app.
Phone: By calling their claims department directly.
Agent: By contacting your independent insurance agent.

Ensure you have your policy information and details of the incident readily available to expedite the claims process.

7. Is National General Insurance financially stable?

Yes, National General Insurance benefits from the financial strength of its parent company, The Allstate Corporation. Allstate’s robust financial performance and high credit ratings provide assurance of National General’s financial stability and ability to meet its obligations to policyholders.

8. Does Allstate plan to integrate National General fully into its brand?

Currently, there are no public plans to fully integrate National General into the Allstate brand. The strategy appears to be to maintain National General as a distinct brand operating under the Allstate umbrella, leveraging its established presence in specific markets.

9. What is National General’s customer service reputation like?

National General’s customer service reputation varies. Some customers report positive experiences, particularly with knowledgeable agents. However, like any large insurance company, others have reported challenges with claims processing or customer support. It’s always wise to research customer reviews and compare experiences before making a decision.

10. What should I consider when comparing National General Insurance with other insurers?

When comparing National General Insurance with other insurers, consider the following factors:

Price: Obtain quotes from multiple companies to compare premiums.
Coverage Options: Ensure the policy provides adequate coverage for your specific needs.
Customer Service: Research customer reviews and ratings to assess the company’s service reputation.
Financial Stability: Check the insurer’s financial ratings to ensure they are financially sound.
Discounts: Inquire about available discounts to lower your premium.

11. How does the independent agent network benefit National General Insurance?

The independent agent network is a significant asset for National General Insurance. These agents provide:

Personalized Service: Agents can offer tailored advice and guidance to customers.
Local Expertise: Agents understand the specific needs of their local communities.
Choice: Agents represent multiple insurers, giving customers more options.
Accessibility: Agents provide a convenient point of contact for policy inquiries and claims.

12. What are the long-term benefits of Allstate owning National General?

The long-term benefits of Allstate’s ownership of National General include:

Expanded Market Reach: Allstate can reach a broader customer base through National General’s independent agent network.
Diversified Product Portfolio: Allstate can offer a wider range of insurance products and services.
Synergies and Efficiencies: Allstate can leverage its resources and expertise to improve National General’s operations.
Increased Stability: National General benefits from Allstate’s financial strength and stability.
Enhanced Customer Experience: Both companies can share best practices to improve the customer experience.

In conclusion, understanding the ownership of National General Insurance Company reveals a strategic move by Allstate to broaden its market reach and enhance its product offerings. While National General operates under the Allstate umbrella, it maintains its unique brand and continues to serve its customers through a network of independent agents, providing consumers with competitive options and personalized service.