BERWYN, Pa. - Dollar Financial Group announced Monday that it has terminated its agreement to purchase the insurance provider Direct General Corp. of Nashville.
Dollar said it canceled the deal, which was announced June 12, because of adverse conditions in the property and casualty insurance market.
In a press release, chairman and CEO Jeff Weiss said: "We are disappointed we will not be able to move forward with the transaction. We respect the [Direct General] management team and the business they have developed" but "believe it is not in the best interests of our shareholders to complete the transaction at this time."
Dollar Financial serves low-net-worth consumers in more than 900 locations in the United States, Canada, the United Kingdom, and Australia.
Direct General provides nonstandard passenger automobile insurance and related products in the Southeast.