Permanent General being bought for $239M

One of the insurance sector's big names has signed an agreement to acquire the parent of the Permanent General Cos. for $239 million.

Madison, Wis.-based American Family said it expects to close on its purchase of PGC Holdings from private-equity firm Capital Z before the end of the year. Capital Z, which is based in New York, bought PGC in December 2004. Permanent General and sister company The General — yep, the one with those ads — focus in 25 states on drivers who don't qualify for coverage from standard carriers. The company booked $270 million worth of premiums in 2011.