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Insurer to acquire remaining shares of subsidiary

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National Interstate Corp. has entered into a definitive agreement with Great American Insurance Co. under which Great American will acquire the remaining shares of National Interstate in an all-cash transaction valued at about $660 million, National Interstate announced Monday.

Richfield, Ohio-based National Interstate is an independently operated subsidiary of Cincinnati-based Great American, which is the property-casualty subsidiary of American Financial Group Inc. The shares represent about 49% of the outstanding shares that Great American did not already own, said National Interstate in its announcement.

National Interstate is the holding company for a specialty property-casualty insurance group. Great American is a property and casualty insurer, focusing on specialty commercial products for businesses, and in the sale of traditional fixed and fixed-indexed annuities in the retail, financial institutions and education markets.

The proposed merger is expected to close in the fourth quarter of this year, subject to approval by the company’s shareholders, including approval by a majority of the company’s shareholders other than Great American and regulatory authorities, as well as the satisfaction or waiver of customary closing conditions, said National Interstate in its announcement.