National General Holdings Corp. Announces Offering of Common Stock
November 13 2018 - 4:20PM
National General Holdings Corp. (Nasdaq:NGHC) (the "Company" or
"National General") today announced that it has commenced an
underwritten public offering of 5,000,000 shares of its common
stock. The Company has granted the underwriters in the common stock
offering a 30-day option to purchase up to an additional 750,000
shares of the common stock.
The Company expects to use the net proceeds from the offering
for general corporate purposes, including strategic acquisitions
and to support its current and future policy writings.
The common stock of the Company is listed on the NASDAQ Global
Market under the symbol "NGHC."
Goldman Sachs & Co. LLC, J.P. Morgan Securities and Deutsche
Bank Securities are acting as joint book-running managers with
respect to the common stock offering, and JMP Securities, B. Riley
FBR, Keefe, Bruyette & Woods and William Blair are acting as
co-managers. This offering will be made pursuant to the Company's
shelf registration statement filed with the Securities and Exchange
Commission (the “SEC”).
This announcement does not constitute an offer to sell or a
solicitation of an offer to buy these securities, nor will there be
any offer or sale of these securities in any state or jurisdiction
in which such an offer, solicitation or sale would be unlawful. The
offering of common stock will be made pursuant to an effective
shelf registration statement, prospectus and related prospectus
supplement. You may obtain a copy of the prospectus supplement and
accompanying prospectus for free by visiting EDGAR on the SEC
website at www.sec.gov. Alternatively, copies of the prospectus
supplement and accompanying prospectus relating to the common stock
offering can be obtained by contacting: Goldman Sachs & Co.
LLC, Attention: Prospectus Department, 200 West Street, New York,
NY 10282 or J.P. Morgan Securities LLC, c/o Broadridge Financial
Solutions, 1155 Long Island Avenue, Edgewood, New York 11717, or by
calling toll-free at (866) 803-9204.
About National General Holdings Corp.
National General Holdings Corp., headquartered in New York City,
is a specialty personal lines insurance holding company. National
General traces its roots to 1939, has a financial strength rating
of A- (excellent) from A.M. Best, and provides personal and small
business automobile, homeowners, umbrella, recreational vehicle,
motorcycle, lender-placed, supplemental health and other niche
insurance products.
Forward Looking Statements
This news release contains “forward-looking statements” that are
made pursuant to the safe harbor provisions of the Private
Securities Litigation Reform Act of 1995. The forward-looking
statements are based on the Company’s current expectations and
beliefs concerning future developments and their potential effects
on the Company. Forward-looking statements can generally be
identified by the use of forward-looking terminology, such as
“may,” “will,” “plan,” “expect,” “project,” “intend,” “estimate,”
“anticipate” and “believe” or their variations or similar
terminology. There can be no assurance that actual developments
will be those anticipated by the Company. Actual results may differ
materially from those expressed or implied in these statements as a
result of significant risks and uncertainties, including, but not
limited to, non-receipt of expected payments from insureds or
reinsurers, changes in interest rates, a downgrade in the financial
strength ratings of our insurance subsidiaries, the effect of the
performance of financial markets on our investment portfolio, our
ability to accurately underwrite and price our products and to
maintain and establish accurate loss reserves, estimates of the
fair value of our investments, development of claims and the effect
on loss reserves, the cost and availability of reinsurance
coverage, the effects of emerging claim and coverage issues, the
effect of unpredictable catastrophic losses, changes in the demand
for our products, our degree of success in integrating acquired
businesses, the effect of general economic conditions, state and
federal legislation, the effects of tax reform, regulations and
regulatory investigations into industry practices, risks associated
with conducting business outside the United States, developments
relating to existing agreements, disruptions to our business
relationships with our vendors or other counterparties, breaches in
data security or other disruptions with our technology, heightened
competition, changes in pricing environments, changes in asset
valuations and failure to consummate the transaction described in
this press release. The forward-looking statements contained in
this news release are made only as of the date of this release. The
Company undertakes no obligation to publicly update any
forward-looking statement except as may be required by law.
Additional information about these risks and uncertainties, as well
as others that may cause actual results to differ materially from
those projected is contained in the Company’s filings with the
Securities and Exchange Commission.
CONTACT: Investor Contact
Christine WorleyDirector of Investor RelationsPhone: (212)
380-9462Email: Christine.Worley@NGIC.com
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