Penn Millers Completes Sale to ACE
November 30 2011 - 1:53PM
Business Wire
Penn Millers Holding Corporation (NASDAQ: PMIC) announced today
the completion of its previously announced merger with a subsidiary
of ACE Limited (NYSE: ACE), a Zurich-based insurance and
reinsurance organization with operations in more than 50 countries.
Under the terms of the merger agreement, Penn Millers shareholders
will receive $20.50 per share in cash, without interest.
In connection with the completion of the transaction, trading in
the common stock of Penn Millers will be suspended and the common
stock will be delisted by the NASDAQ Global Market.
Penn Millers’ primary insurance subsidiary, Penn Millers
Insurance Company, is a well-established underwriter of
agri-related insurance in the U.S., providing specialty property
and casualty insurance coverages to companies that manufacture,
process and distribute agricultural products. Based in
Wilkes-Barre, Pa., Penn Millers has served the agribusiness market
since 1887 and currently operates in 34 states.
Cautionary Statements Regarding Forward Looking
Information
Some of the statements contained herein are “forward-looking
statements” within the meaning of the Private Securities Litigation
Reform Act of 1995. In some cases, you can identify forward-looking
statements by terminology such as “may,” “will,” “should,” “stand
to,” “expect,” “plan,” “intend,” “anticipate,” “believe,”
“estimate,” “predict,” “potential,” “target,” “forecast” or
“continue,” or the negative of these terms or other terminology.
Forward-looking statements are based on the opinions and estimates
of management at the time the statements are made and are subject
to certain risks and uncertainties that could cause actual results
to differ materially from those anticipated in the forward-looking
statements. Factors that could affect Penn Millers’ actual results
include, among others, the ability to recognize the benefits of the
merger; the amount of the costs, fees, expenses and charges related
to the merger, the fact that our loss reserves are based on
estimates and may be inadequate to cover our actual losses; the
uncertain effects of emerging claim and coverage issues on our
business, including the effects of climate change; the geographic
concentration of our business; an inability to obtain or collect on
our reinsurance protection; a downgrade in the A.M. Best rating of
our insurance subsidiaries; the impact of extensive regulation of
the insurance industry and legislative and regulatory changes; a
failure to realize our investment objectives; the effects of
intense competition; the loss of one or more principal employees;
the inability to acquire additional capital on favorable terms; a
failure of independent insurance brokers to adequately market our
products; and the effects of acts of terrorism or war. More
information about these and other factors that potentially could
affect our financial results is included in our Annual Report on
Form 10-K filed with the SEC and in our other public filings with
the SEC. Investors and shareholders are cautioned not to place
undue reliance upon these forward-looking statements, which speak
only as of the date of this communication. Penn Millers undertakes
no obligation to update any forward-looking statements.
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