NI Holdings, the stock holding company of Nodak Insurance Company, has announced that it has completed its acquisition of Westminster American Insurance Company from private shareholders.

Under the terms of the stock purchase agreement Westminster shareholders will receive $40 million in cash. Audited financial statements on a GAAP basis are not available for Westminster, since it is a non-public company. A release said that the acquisition of Westminster diversifies NI Holdings’ portfolio, thanks to the addition of the commercial multi-peril business.

Based in Owings Mills, MD, Westminster underwrites commercial insurance in the states of Delaware, Georgia, Maryland, New Jersey, North Carolina, Pennsylvania, South Carolina, Virginia, and West Virginia, as well as the District of Columbia. The company has a network of independent agents.

Westminster president John Scott, Jr. will continue to manage the team’s operations following the acquisition, along with the current staff and management.

“We are extremely pleased to complete this transaction,” said NI Holdings president and CEO Michael J. Alexander. “This is the second deployment of capital from our initial public offering back in 2017, and we look forward to the integration of Westminster into our group of companies in the coming months.”