American Family Insurance has completed its previously announced acquisition of the Nashville, Tenn.-based Permanent General Companies and other subsidiaries of the PGC Holdings Corp. The $239 million transaction with previous majority owner Capital Z Partners required approval of the Ohio Department of Insurance, as the three insurance companies owned by PGC Holdings are domiciled in that state.
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Capital Z Partners is looking to collect $400 million with its next private equity fund, according to sources and an SEC filing. Sixpoint Partners is the placement agent for fund V, the SEC filing dated Oct. 16 says.
American Family Insurance has agreed to buy PGC Holdings Corp. and its subsidiaries, including non-standard auto insurers Permanent General and The General. The deal is valued at $239 million. Capital Z Partners is the seller. Nashville, Tenn.-based Permanent General provides non-standard coverage, and partner retail store alliances to the non-standard auto insurance market. Permanent General reported direct written premiums of $270 million at the end of 2011.