Louisiana based, Imperial Management Corporation (IMC) and Southport Lane, LP announced Tuesday that IMC has obtained all required regulatory approvals and closed its previously announced acquisition of National Automotive Insurance Company (NAIC), an insurance company headquartered in Metairie, Louisiana.
NAIC specializes in providing personal auto insurance exclusively in Louisiana and predominantly within the New Orleans and Baton Rouge metropolitan areas.
“NAIC is a strong fit strategically for Imperial, both deepening Imperial’s presence in its core Louisiana market and strengthening our capacity for profitable growth.”
The acquisition complements IMC’s strategy for organic growth and expansion throughout the Southern United States. The acquisition of NAIC will nearly double Imperial’s auto premium writings in Louisiana.
At closing, National Automotive Insurance Company will operate as a subsidiary of IMC, joining Imperial Fire & Casualty Insurance Company, ABC Insurance Agencies and RAC Insurance Partners.
Imperial Management Corporation is organized as a holding company with almost all of its operations being conducted by subsidiaries. Based in Louisiana, IMC is wholly-owned by Southport Lane, LP, a New York City-based private equity fund. Imperial Management’s largest subsidiary, Imperial Fire and Casualty, which is rated B+ by A.M. Best, is a provider of insurance products including personal auto, personal property, and flood policies.
Source: Imperial Management Corporation