United National Acquired By Fox Paine
NU Online News Service, March 19, 2:38 p.m. EST ? The San Francisco-based investment firm of Fox Paine & Company will acquire surplus lines insurer The United National Group of Bala Cynwyd, Pa.
Terms of the transaction were not released.
The privately owned insurer said Fox Paine would be making a “substantial capital” investment in the company. The investment company manages more than $1.5 billion in funds, the carrier said.
United National operates under four insurance companies throughout the United States: United National Insurance Co., Diamond State Insurance Co., United National Specialty Insurance Co., and United National Casualty Insurance Co.
United National said the acquisition is still subject to due diligence and regulatory approval.
In January, United National’s subsidiary, Diamond State, and other insurers were given permission to proceed with a $65 million civil fraud suit against Worldwide Weather Trading, LLC, in U.S. Southern District Court in New York. The suit alleges that Worldwide fraudulently sold weather derivatives in the company’s name and saddled it with losses.