State National Cos. Inc. unit State National Insurance Co. Inc. has agreed to acquire United National Specialty Insurance Co. from Diamond State Insurance Co. for about $7.4 million, excluding capital and surplus.

United National Specialty is an admitted shell company with licenses in 49 states. The purchase price will be capitalized as an intangible asset.

The transaction is subject to regulatory approvals and customary closing conditions, and is expected to close by the end of the third quarter.

Global Indemnity plc is the parent of United National Specialty and Diamond State Insurance.

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