Venable advised Westminster American Insurance Company ("WAIC") in the sale of its insurance underwriting business, which focuses on underwriting commercial multi-peril insurance in various states on the east coast through independent agents. The transaction is intended to diversify the product and geographic offerings of the buyer, NI Holdings, Inc., which is the owner of Nodak Insurance Company. The acquisition was structured as stock purchase with aggregate consideration in the amount of $40 million. In connection with his continued employment, the buyer will also pay a $5 million retention bonus to the President of WAIC, payable over a period of five years.
The Venable corporate team consisted of Bryan Rakes, Molly Merritts and Chris Conn. In addition, Brian O'Connor, Chris Davidson and Liz Stieff advised on tax matters, John Wilhelm advised on employee benefits matters, and Catherine Mitros advised on trademark matters.