A.M. Best has commented that the financial strength rating and the issuer credit ratings (ICR) of the property/casualty subsidiaries of National General Holdings Corp. (National General) (Delaware) (NASDAQ:NGHC), along with the ICR and the issue ratings of National General, are unchanged following its recently announced transaction with QBE North America (QBE NA), a division of QBE Insurance Group Limited (ASX:QBE). Under the terms of the transaction, National General has agreed to acquire QBE NA’s lender-placed insurance business. The transaction includes the acquisition of certain assets, as well as the assumption of all related insurance liabilities in a reinsurance transaction through which National General will receive the loss reserves, unearned premium reserves and invested assets at closing. The purchase price will be approximately $90 million, payable at closing, which is expected to occur within 90 days, subject to customary closing conditions and regulatory approvals.

National General has historically maintained an excellent level of risk-adjusted capitalization and reported favorable earnings with a focus on personal lines business. This transaction will provide product diversification to National General, which currently writes largely personal auto and homeowners business. Although this transaction will expose National General’s performance to increased variability from weather and catastrophe events, A.M. Best anticipates that any future losses from additional property exposures will be mitigated to a manageable level via National General’s use of reinsurance, including additional protection purchased upon the close of the transaction. A.M. Best expects National General to maintain its excellent risk-adjusted capitalization through raising additional capital to support the business acquired in this transaction.

This press release relates to rating(s) that have been published on A.M. Best's website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please visit A.M. Best’s Ratings & Criteria Center.

A.M. Best Company is the world's oldest and most authoritative insurance rating and information source. For more information, visit www.ambest.com.

Copyright © 2015 by A.M. Best Company, Inc. ALL RIGHTS RESERVED.

A.M. BestBrian O’Larte, 908-439-2200, ext. 5138Senior Financial Analystbrian.o'larte@ambest.comorMichael Lagomarsino, CFA, 908-439-2200, ext. 5810Assistant Vice Presidentmichael.lagomarsino@ambest.comorChristopher Sharkey, 908-439-2200, ext. 5159Manager, Public Relationschristopher.sharkey@ambest.comorJim Peavy, 908-439-2200, ext. 5644Assistant Vice President, Public Relationsjames.peavy@ambest.com

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