NEW YORK, April 23, 2020 (GLOBE NEWSWIRE) -- National General Holdings Corp. (NASDAQ: NGHC), in support of its employees, policyholders, and business partners, today announced a 15% credit on April premiums for personal auto insurance policyholders and a commitment to donate $3M toward COVID-19 relief.
The credit applies to personal auto insurance customers with a policy in force as of April 30, 2020, and will automatically be credited to their policy, subject to state regulatory approvals and other relief requirements. This credit is in addition to other substantial billing relief efforts currently in place in response to COVID-related hardships and may vary in form in different states. Policyholders do not have to take any action to receive the credit. Additionally, agent commissions will not be negatively impacted by this April premium credit.
"The health, safety, and security of our employees, policyholders, and business partners is our priority, and we know adhering to stay-at-home guidelines limits exposure to and spread of COVID-19. However, we are only beginning to understand the magnitude of COVID-19's social and economic impact," said Barry Karfunkel, National General's chief executive officer. "While we know that the frequency of claims has reduced significantly we believe it is partially offset by a rising cost of accidents and the financial impact of the other billing relief efforts. The full impact of stay-at-home guidelines on auto insurance is unknown for the month of May as states begin to restart their economies. We intend to continue to assess and adapt as more information becomes available."
National General also commits $3M toward various COVID-19 relief efforts. These efforts include, but are not limited to, donations to select charitable organizations that support communities in which our employees, policyholders, and business partners live and work.
"The heart of our business is our employees and our agency partners—and their focus is to serve our policyholders in their times of need. This current situation only magnifies the critical nature of what they do, and our relief commitment aims to underscore and support the positive impact they have on the communities in which they live and work," said Karfunkel.
About National General Holdings Corp.
National General Holdings Corp., headquartered in New York City, is a specialty personal lines insurance holding company. National General traces its roots to 1939, has a financial strength rating of A- (excellent) from A.M. Best, and provides personal and commercial automobile, homeowners, umbrella, recreational vehicle, motorcycle, supplemental health, and other niche insurance products.
Director of Investor Relations