ACE Limited has inked a deal to acquire Penn Millers Holding Corporation (PMIC) for a cash consideration of $107 million. Penn Millers, an established underwriter of agri-related insurance, has served the agribusiness market since 1887 and currently operates in 34 states. It is based in Wilkes-Barre, Pennsylvania.
ACE’s Chairman Brian Dowd said that the Penn Millers deal will provide the company with a specialty niche business that complements its current agricultural market capabilities. ACE expects the deal to immediately add to its earnings and book value per share.
The transaction, which is subject to regulatory approvals, PMHC shareholder approval and other customary closing conditions, is expected to be completed by the end of the first quarter of 2012.
ACE’s Chairman Brian Dowd said that the Penn Millers deal will provide the company with a specialty niche business that complements its current agricultural market capabilities. ACE expects the deal to immediately add to its earnings and book value per share.
The transaction, which is subject to regulatory approvals, PMHC shareholder approval and other customary closing conditions, is expected to be completed by the end of the first quarter of 2012.