Associates First Capital Corp. said Monday that it plans to acquire the mortgage insurance operations of Northland Co. Terms of the deal were not disclosed.
Northland, Minneapolis, provides niche property, casualty, and specialty insurance products through Jupiter Holdings Inc. The company also provides real estate management, mortgage banking, and related services through other subsidiaries, which will be sold off, Associates reported.
Northland had net written premiums of $388 million at the end of 1997, Associates reported. All of Jupiter's holdings are rated A-plus by insurance rating agency A.M. Best, Associates said. The acquisition will complement its insurance businesses, said Associates chief executive Keith W. Hughes, and provide the company with "expanded distribution capabilities."
Both Jupiter and Associates provide insurance on such products as 18- wheelers and manufactured housing, an Associates spokesman explained. Associates also makes loans to dealers and buyers of these products.