U.S. investment holding company Standard Diversified Inc. revealed that it agreed to buy Tri-State Consumer Insurance Co. from insurer WT Holdings Inc. for about $54.1 million.
The deal will provide operating synergies through Tri-State's integration with Standard Diversified’s insurance subsidiary, Maidstone Insurance Company.
Furthermore, Standard Diversified said that the acquisition immediately increases its personal lines premium in New York.
Completion of the deal is subject to final approval by the New York State Department of Financial Services.