CHICAGO and BLUE BELL, Penn., Aug.
3 /PRNewswire-FirstCall/ -- Old Republic International
Corporation (NYSE: ORI) ("Old Republic") and PMA
Capital Corporation (Nasdaq: PMACA) ("PMA") today
reported the following events relative to their previously
announced and pending merger.
- Old Republic and PMA have been advised that the Pennsylvania
Insurance Department, the statutory regulator for PMA's three
domestic insurance company subsidiaries, has approved the merger by
and between PMA Capital Corporation and a wholly-owned subsidiary
of Old Republic International Corporation.
- Old Republic expects to file its pending registration statement
on Form S-4 with the Securities and Exchange Commission with a
request for acceleration of the effective date of the registration
statement.
- In conjunction with the solicitation of proxies from its
shareholders, PMA has established a shareholder of record date of
July 30, 2010, and a shareholders
special meeting date of September 21,
2010 for approval of the merger.
About Old Republic
Chicago-based Old Republic
International Corporation is an insurance holding company whose
subsidiaries market, underwrite and provide risk management
services for a wide variety of coverages primarily in the property
& liability, mortgage guaranty, and title insurance fields. One
of the nation's 50 largest publicly owned insurance organizations,
Old Republic has assets of approximately $13.96 billion and shareholders' equity of
$3.98 billion or $16.84 per share. Its current stock market
valuation is approximately $3.05
billion, or $12.67 per
share.
About PMA
PMA Capital Corporation, headquartered in Blue Bell, Pennsylvania, is a holding company
whose operating subsidiaries provide insurance and fee-based
services. Insurance products include workers' compensation and
other commercial property and casualty lines of insurance.
Fee-based services include third party administrator, managing
general agent and program administrator services. PMA has assets of
approximately $2.37 billion and
common shareholders' equity of $429
million or $13.30 per share.
Its current stock market valuation is approximately $218 million or $6.76 per share.
Important Information for Investors and Shareholders
Old Republic has filed with the Securities and Exchange
Commission (the "SEC") a registration statement on Form S-4 that
includes a proxy statement of PMA Capital Corporation. Old Republic
and PMA have also filed other documents with the SEC regarding the
proposed transaction. A definitive proxy statement will be sent to
PMA's shareholders. INVESTORS AND SHAREHOLDERS ARE ADVISED TO READ
THE PROXY STATEMENT/PROSPECTUS WHEN IT BECOMES AVAILABLE, AND OTHER
DOCUMENTS THAT ARE FILED WITH THE SEC BECAUSE THEY CONTAIN
IMPORTANT INFORMATION ABOUT THE MERGER OF PMA AND OLD REPUBLIC.
Investors and shareholders may obtain free copies of the proxy
statement/prospectus and other documents filed by PMA, at the SEC's
web site at www.sec.gov or at PMA's web site at www.pmacapital.com.
The proxy statement and such other documents may also be obtained
for free from PMA by directing such request to Investor Relations,
PMA Capital Corporation, 380 Sentry Parkway, Blue Bell, Pennsylvania, telephone:
610-397-5298.
PMA and its directors, executive officers and other members of
its management and employees may be deemed to be participants in
the solicitation of proxies from PMA's shareholders in connection
with the proposed transaction. Information concerning the interests
of those persons is set forth in the proxy statement/prospectus and
PMA's proxy statement relating to the 2010 annual meeting of
shareholders and Annual Report on Form 10-K for the fiscal year
ended December 31, 2009, all of which
have been filed with the SEC.
SOURCE Old Republic International Corporation
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