Allstate (ALL +0.3%) expects its $4B acquisition of National General (NASDAQ:NGHC) to close on or about Jan. 4, 2021, if it gets all insurance regulatory approvals by the end of December, the company said in an SEC filing.
https://seekingalpha.com/news/3640837-allstate-sees-closing-national-general-deal-jan-4-gets-regulatory-approvals-soon
With the thoughts of Encompass being impacted soon, I can only wonder if they will just stop writing Encompass all together. I just wonder how many employees will be absorbed by National General or we all receive our notices.
Was told Encompass leadership has just managed to steer what was a $3B book )when acquired from CNA) straight into the rocks by losing 2/3 of the book and failing to gain share in the channel. Hold on tight - most of Encompass will be notified soon - likely by year end
I had an interview for a position with NatGen last week. We had a candid and quite open discussion about my Allstate layoff and experience in general. They did admit that they have heard that both Allstate and NatGen will have impacts and staff reductions once the purchase is implemented. They are downright terrified and see what happened with Esurance.
It was determined agreed on both our ends that my proceeding with the interview and applying for the position may land me right back to where I am now. Namely potentially laid off as a new employee and likely would have to pay back some of my severance once they become part of Allstate even if retained.
I withdrew my application and wished them the best of luck in the mess they are about to be thrown into. Not about to even risk it.
NGIC employees are in for a ride awakening.
Smoke in mirrors. The customer base of NGIC is “Fickle” to put it politely, and almost a guaranteed loss long term between expenses, loss ratio, and bad faith verdicts.
The narrow minded arrogant nitwits running this company think paying $4 billion in cash to buy market share all while laying off thousands (much more than the 3800 BS number stated) during a global pandemic is a good idea. Why try to better your business model to increase market share when you can just buy it and eventually screw it up and lose it later? Some real brainacs running this sh– show. All of this has not been a good look for both the public, customers, and shareholders. Sure we have a quick bump in our investment but toss off before it again limps down from another show of incompetence from the Ivory Tower.
Afraid that Encompass employees are next...
I can guarantee you it will not be just a few...