National General to pay $165mn for auto insurer Direct General

National General has agreed a deal to buy Elara Holdings, the
parent of Southeast US-focused non-standard auto company Direct
General, for around $165mn.
The Insurance Insider revealed in
January this year that the Nashville, Tennessee carrier had been
put up for sale by its private equity owners, TPG Capital and
Calera Capital.
The price, which is subject to post-closing adjustments,
represents a 1.27x multiple of Direct General's total equity of
$130mn as at 31 December 2015.
TPG and Calera -.