Old Republic and PMA Capital Announce Closing of Merger
October 01 2010 - 6:00AM
Business Wire
Old Republic International Corporation (NYSE: ORI) (“Old
Republic”) and PMA Capital Corporation (NASDAQ: PMACA) (“PMA”)
announced today the closing of the merger between PMA and a
wholly-owned subsidiary of Old Republic. In connection with the
closing of the merger, PMA changed its name to PMA Companies, Inc.
PMA will maintain its head office location in Blue Bell,
Pennsylvania.
Each share of PMA class A common stock has been converted into
the right to receive 0.55 shares of Old Republic common stock, with
cash to be paid in lieu of fractional shares. More information on
the exchange of shares of PMA class A common stock for shares of
Old Republic common stock will be sent to PMA shareholders in the
near future.
In announcing the closing of the merger, Al Zucaro, Chairman and
CEO of Old Republic stated that “. . . we are delighted that PMA is
now a part of our family of companies. PMA’s addition to our
well-capitalized insurance group strengthens our ability to grow
our General Insurance business without sacrificing our shared
commitment to conservative underwriting and focus on select
industries important to the American economy. We welcome all of
PMA’s associates and shareholders to Old Republic.”
Vincent Donnelly, President and CEO of PMA, said “We are pleased
to join Old Republic and are excited about the opportunity that Old
Republic presents for the continued growth of our businesses.
Following the merger, we remain committed to providing excellent
service to our customers and clients as part of the Old Republic
family of insurance companies.”
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 $14 billion and shareholders’ equity of $3.9 billion
or $16.84 per share. Its current stock market valuation is
approximately $3.6 billion, or $13.85 per share.
Forward-looking Statements
This press release includes certain forward-looking statements.
These statements are subject to known and unknown risks,
uncertainties and other factors which may cause the actual results,
performance or achievements of Old Republic to be materially
different from any future results, performance or achievements
expressed or implied by such statements. These factors include,
among others, Old Republic’s ability to effectively integrate PMA’s
business and the other factors that are discussed in Old Republic’s
annual, quarterly and current reports filed with the Securities and
Exchange Commission, all of which are included herein by
reference.
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