Investing.com - Financial Markets Worldwide
Get 40% Off
Get 40% Off
💰 Buffett reveals a $6.7B stake in Chubb. Copy the full portfolio for FREE with InvestingPro’s Stock Ideas toolCopy Portfolio

National General enters into business collaboration agreement with Aioi Nissay Dowa Insurance Co. ltd.

Published 07/09/2018, 10:45 AM
© Reuters. National General enters into business collaboration agreement with Aioi Nissay Dowa Insurance Co. ltd.
NGHC
-
  • National General Holdings (NGHC +1.2%) has entered into a collaboration agreement among Aioi Nissay Dowa Insurance Co., Ltd. (AD) and its subsidiary.
  • In conjunction with the agreement, National General agreed to issue AD $30M aggregate liquidation preference stock.
  • The said Preferred Stock will be entitled to receive noncumulative cash dividends, if and when declared, at a rate of 7% p.a., subject to adjustment to a floating rate following July 15, 2023.
  • The said Preferred Stock is convertible at the holder’s option, on or after July 15, 2023 to shares of the Company’s common stock at an initial conversion price of $38/share
  • National General CEO Barry Karfunkel stated: "Our collaboration with Aioi Nissay Dowa to develop telematics solutions for Toyota connected car owners in several states in the U.S. will give National General a platform to expand its telematics capabilities and offer customers a broader suite of products.”
  • Now read: Initiating Coverage Of Biglari Holdings At '3' On Severe Valuation Disconnect


Original article

Latest comments

Install Our App
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.