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SafeAuto, one of the largest players in the so-called nonstandard auto insurance market, will be folded into Allstate subsidiary National General Holdings. Northbrook- based Allstate acquired National General, formerly known as GMAC Insurance, for $4 billion in early January. Founded in 1993, Columbus, Ohio- based SafeAuto provides state-minimum auto.
Allstate has agreed to buy low-cost auto insurance provider SafeAuto for $300 million, expanding the insurance giant’s state-minimum auto coverage offerings. The deal for privately owned SafeAuto, announced late Tuesday, includes $270 million in cash and about $30 million in other assets. SafeAuto, one of the largest players in the so-called nonstandard auto insurance market, will be folded .
Allstate Corp. has seen interest surge in its Milewise offering, which lets customers pay auto-insurance premiums for just the amount of driving they actually complete.