NI Holdings acquires Westminster American Insurance Company

NI Holdings, the stock holding company of Nodak Insurance Company, has announced that it has completed its acquisition of Westminster American Insurance Company from private shareholders. Under the terms of the stock purchase agreement Westminster shareholders will receive $40 million in cash. Audited financial statements on a GAAP basis are not available for Westminster, since it is a non-public company. A release said that the acquisition of Westminster diversifies NI Holdings’ portfolio, thanks to the addition of the commercial multi-peril business. Based in Owings Mills, MD, Westminster underwrites commercial insurance in the states of Delaware, Georgia, Maryland, New Jersey, North Carolina, Pennsylvania, South Carolina, Virginia, and West Virginia, as well as the District of Columbia. The company has a network of independent agents.