ALABAMA-BASED ALFA BUY NONSTANDARD MOTOR INSURER VISION

Alabama-based insurer Alfa Corp has agreed to acquire nonstandard motor insurer Vision Insurance Group for $20m in cash and stock. The deal, expected to close in January, could include up to $14m in additional consideration, depending on Tennessee-based Vision’s future performance. Alfa has formed Alfa Vision Insurance as a new unit to serve as Vision’s underwriting platform. Alfa said that it expected the deal to boost operations in nine eastern US states, where Vision operates through 2,500 independent agents.