National General offers $100 million noncumulative preferred stock

By Stephanie N. Rotondo

Phoenix, Aug. 21 – National General Holdings Corp. registered $100 million of series B noncumulative preferred stock in an S-1 filed with the Securities and Exchange Commission.

The company plans to sell the preferreds via Morgan Stanley & Co. LLC and UBS Securities LLC.

When declared, dividends will be payable quarterly. The preferreds will become redeemable at an unspecified date at par plus accrued dividends.

The company intends to list the new securities on the Nasdaq Global Select Market under the ticker symbol “NGHCO.”

Proceeds will be used for general corporate purposes, which may include acquisitions and supporting current and future policy writings.

National General is a New York-based specialty lines personal insurance holding company.

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