ZURICH -- (Business Wire)
ACE Limited (NYSE:ACE) announced today that it has completed its
acquisition of Penn Millers Holding Corporation (PMHC) (NASDAQ: PMIC)
for approximately $107 million in cash.
PMHC’s primary insurance subsidiary, Penn Millers Insurance Company,
provides specialty property and casualty insurance coverages to
companies that manufacture, process and distribute agricultural
products. Based in Wilkes-Barre, Pa., the company has served the
agribusiness market since 1887 and operates in 34 states.
“We are pleased to complete this transaction, which provides us with an
established, specialty niche business and offers us the opportunity to
expand our substantial agricultural market capabilities offered through
our Rain and Hail crop insurance and ACE Westchester excess and surplus
lines businesses,” said Brian Dowd, Office of the Chairman, ACE Limited.
The ACE Group is a global leader in insurance and reinsurance serving a
diverse group of clients. Headed by ACE Limited, a component of the S&P
500 stock index, the ACE Group conducts its business on a worldwide
basis with operating subsidiaries in more than 50 countries. Additional
information can be found at: www.acegroup.com.
Cautionary Statement Regarding
All forward-looking statements made in this press release, related to
the acquisition of Penn Millers Holding Corporation, potential
post-acquisition performance or otherwise, reflect ACE’s current views
with respect to future events, business transactions and business
performance and are made pursuant to the safe harbor provisions of the
Private Securities Litigation Reform Act of 1995. Such statements
involve risks and uncertainties, which may cause actual results to
differ materially from those set forth in these statements. For example,
ACE’s forward-looking statements related to Penn Millers Holding
Corporation and the acquisition could prove incorrect if Penn Millers
Holding Corporation and its subsidiaries were to perform differently
than currently expected by ACE or if anticipated expense-related
efficiencies are not realized. More generally, the businesses of ACE and
Penn Millers Holding Corporation could be affected by competition,
pricing and policy term trends, the levels of new and renewal business
achieved, the frequency of unpredictable catastrophic events, actual
loss experience, uncertainties in the reserving or settlement process,
integration activities and performance of acquired companies, new
theories of liability, judicial, legislative, regulatory and other
governmental developments, litigation tactics and developments,
investigation developments and actual settlement terms, the amount and
timing of reinsurance recoverable, credit developments among reinsurers,
rating agency action, possible terrorism or the outbreak and effects of
war, and economic, political, regulatory, insurance and reinsurance
business conditions, as well as management’s response to these factors.
Readers are cautioned not to place undue reliance on these
forward-looking statements, which speak only as of the dates on which
they are made. ACE undertakes no obligation to publicly update or revise
any forward-looking statements, whether as a result of new information,
future events or otherwise.
Helen M. Wilson, 441-299-9283
Stephen M. Wasdick, 212-827-4444
Source: ACE Limited
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