NI Holdings, Inc. (NASDAQ:NODK) announced that it has completed its previously announced acquisition of Direct Auto Insurance Company from private shareholders on August 31.
The acquisition of Direct Auto further diversifies NI Holdings’ portfolio of products geographically, and by line as additional casualty business is introduced into the business mix. Direct Auto is headquartered in Chicago, Illinois and underwrites specialty automobile insurance in the state of Illinois through independent agents. Joe Fitzgerald, the president of Direct Auto and one of the former principal shareholders, will continue to manage the Direct Auto insurance operations along with the current staff and management team.
Michael J. Alexander, President & CEO of NI Holdings, Inc., commented, “We are extremely pleased to complete this transaction, which we believe marks an important milestone for NI Holdings. This is the first deployment of capital from our initial public offering last year, and we look forward to the integration of Direct Auto into our group of companies in the coming months. We welcome Joe and his team to NI Holdings.”