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or Name
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PENN MILLERS HOLDING CORP
Symbol U : PMIC
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ACE Completes Acquisition of Agribusiness Insurer Penn Millers

2011-11-30 15:00 ET - News Release


Company Website: http://www.acegroup.com
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 Forward-Looking Statements:

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.

Contacts:

ACE Limited
Investor Contact:
Helen M. Wilson, 441-299-9283
helen.wilson@acegroup.com
or
Media Contact:
Stephen M. Wasdick, 212-827-4444
stephen.wasdick@acegroup.com

Source: ACE Limited

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