State National Companies' Board Approves Stock Repurchase Program Extension

BEDFORD, Texas, Nov. 22, 2016 /PRNewswire/ -- State National Companies, Inc. (NASDAQ: SNC), a leading specialty provider of property and casualty insurance services, today announced that its Board of Directors has approved an extension of the Company's on-going stock repurchase program.  The repurchase program, which originally authorized the repurchase of up to $50 million of the Company's common stock through December 31, 2016, has been extended through December 31, 2017.  As of November 22, 2016, $22.8 million remains available under the plan for repurchases.

Under the terms of the stock repurchase program, the Company is authorized to repurchase shares from time to time on the open market at prevailing market prices or in negotiated transactions in accordance with applicable securities rules and regulations. Repurchases may also be made under a plan in accordance with the guidelines specified under Rule 10b5-1 under the Securities Exchange Act of 1934, as amended.  The stock repurchase program may be suspended, modified or discontinued at any time, and does not obligate the Company to purchase any specific number of shares.

"We are pleased with the Board's decision to approve the extension of our existing stock repurchase plan," said Terry Ledbetter, State National's Chairman and Chief Executive Officer.  "Our management team and Board of Directors believe in our long-term growth prospects as well as our ability to generate strong profits and cash flow through our very capital efficient business model.  The extension of the stock repurchase program represents our continued commitment to creating, enhancing and returning value to shareholders."

About State National Companies, Inc.

State National Companies, Inc. (NASDAQ: SNC) is a leading specialty provider of property and casualty insurance services operating in two niche markets across the United States. In its Lender Services segment, the Company specializes in providing collateral protection insurance, which insures personal automobiles and other vehicles held as collateral for loans made by credit unions, banks and specialty finance companies. In its Program Services segment, the Company leverages its "A" (Excellent) A.M. Best rating, expansive licenses and reputation to provide access to the U.S. property and casualty insurance market in exchange for ceding fees. To learn more, please visit www.statenational.com. State National routinely posts important Company information on its website.

CAUTIONARY STATEMENT CONCERNING FORWARD-LOOKING STATEMENTS

Various statements contained in this press release are forward-looking statements made pursuant to the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements may include projections and estimates concerning the timing and success of specific projects and our future production, revenues, income and capital spending. Our forward-looking statements are generally, but not always, accompanied by words such as "estimate," "believe," "expect," "will," "plan," "target," "could" or other words that convey the uncertainty of future events or outcomes.

There can be no assurance that actual developments will be those anticipated by us. Actual results may differ materially from those expressed or implied in these statements as a result of significant risks and uncertainties, including, but not limited to, our ability to recover from our capacity providers, the cost and availability of reinsurance coverage, challenges to our use of issuing carrier or fronting arrangements by regulators or changes in state or federal insurance or other statutes or regulations, our dependence on a limited number of business partners, potential regulatory scrutiny of collateral protection insurance, level of new car sales, availability of credit for vehicle purchases and other factors affecting automobile financing, our ability to compete effectively, a downgrade in the financial strength ratings of our insurance subsidiaries, our ability to accurately underwrite and price our products and to maintain and establish accurate loss reserves, changes in interest rates or other changes in the financial markets, the effects of emerging claim and coverage issues, changes in the demand for our products, the effect of general economic conditions, breaches in data security or other disruptions with our technology, and changes in pricing or other competitive environments.

Forward-looking statements involve inherent risks and uncertainties that are difficult to predict, many of which are beyond our control. Additional information about these risks and uncertainties is contained in our filings with the Securities and Exchange Commission. The forward-looking statements in this press release speak only as of the date of this release, and we undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by law.

SOURCE State National Companies, Inc.