Business & Finance
Business and Finance
Business and Finance
Thu, July 1, 2010 Thompson Hine Represents National Interstate in Vanliner Insurance Acquisition
CLEVELAND--([ BUSINESS WIRE ])--Thompson Hine LLP, one of the nationa™s leading business law firms, represented National Interstate Corporation (Nasdaq: NATL) and its principal insurance subsidiary, National Interstate Insurance Company, in the successful acquisition of Vanliner Insurance Company from UniGroup, Inc. The $128 million acquisition, which closed yesterday, was ranked by top business information company Thomson Reuters as the nationa™s sixth largest merger and acquisition transaction for April, when the deal was announced. As previously discussed by National Interstate, the purchase price may be adjusted after closing based on Vanlinera™s final closing date balance sheet and certain financial guarantees. UniGroup has agreed to provide National Interstate with comprehensive financial guarantees related to the runoff of Vanlinera™s balance sheet following the close, whereby both favorable and unfavorable balance sheet development inures to UniGroup.
"We believe this is an excellent acquisition for National Interstate that supports their long-term strategic business objectives"
Thompson Hine has provided legal services to Richfield, Ohio-based National Interstate Corporation since the company was founded in 1989 and also handled its initial public offering in 2005. National Interstate Corporation is a specialty property and casualty insurance holding company with a niche orientation focused on the transportation industry.
The Thompson Hine transaction team was led by April Miller Boise, partner-in-charge of the firma™s Cleveland office, who has extensive experience advising companies on complex business transactions including mergers, acquisitions and joint ventures. The team also included Tony Kuhel, corporate partner; James Koenig, tax partner; Alan Berliner, insurance partner; Charles Freed, a partner in the antitrust group; and a team of other lawyers and staff from across the firma™s U.S. offices who advised on legal issues relating to employee benefits, intellectual property, real estate, executive compensation and employment matters.
The transaction represents National Interstatea™s first major acquisition. Dave Michelson, president and chief executive officer of National Interstate comments, aThe breadth and depth of experience of the Thompson Hine team was crucial to the success of this deal. Having long relied on Thompson Hine for superior client service, we view them as a true partner in our business.a
aWe believe this is an excellent acquisition for National Interstate that supports their long-term strategic business objectives,a says Boise. aIt is particularly satisfying for us to support the growth of a thriving local business and long-term client.a She adds that the transaction is just one example of the positive trends starting to emerge in merger and acquisition activity, locally and nationally.
About Thompson Hine LLP
Established in 1911, Thompson Hine is a business law firm dedicated to providing superior client service. The firm has been recognized as one of the Best Corporate Law Firms in America (in an annual survey of corporate directors conducted by Corporate Board Member magazine). With nearly 400 lawyers, Thompson Hine serves premier businesses worldwide. The firm has offices in Atlanta, Brussels, Cincinnati, Cleveland, Columbus, Dayton, New York and Washington, D.C. For more information, go to [ www.ThompsonHine.com ].
About National Interstate Corporation
National Interstate Corporation (Nasdaq: NATL), founded in 1989, is a specialty property and casualty insurance holding company with a niche orientation and focus on the transportation industry. National Interstate differentiates itself by offering insurance products and services designed to meet the unique needs of targeted insurance buyers. Products include insurance for transportation companies, alternative risk transfer, or captive insurance programs for commercial risks, specialty personal lines consisting of insurance products focused primarily on recreational vehicle owners and small commercial vehicle accounts, and transportation and general commercial insurance in Hawaii and Alaska. National Interstate offers insurance products through multiple distribution channels including independent agents and brokers, affiliated agencies and agent Internet initiatives. Its insurance subsidiaries are rated aAa (Excellent) by A.M. Best Company. Headquartered in Richfield, Ohio, National Interstate is an independently operated subsidiary of Great American Insurance Company, a property and casualty subsidiary of American Financial Group, Inc. (NYSE/Nasdaq: AFG).
About Vanliner Insurance Company
Headquartered in the St. Louis suburb of Fenton, Missouri and licensed in all 50 states, Vanliner was formed in 1978 to provide an insurance solution to affiliated moving and storage agents of its then parent. In the mid-1990s, Vanliner began offering coverages to non- affiliated agents and today is one of the premier providers of insurance products for the moving and storage industry.
