Old Republic and PMA Capital Report on Status of Their Merger
August 03 2010 - 12:27PM
Business Wire
Old Republic International Corporation (NYSE: ORI) (“Old
Republic”) and PMA Capital Corporation (NASDAQ:
PMACA) (“PMA”) today reported the following events relative
to their previously announced and pending merger.
- Old Republic and PMA have been
advised that the Pennsylvania Insurance Department, the statutory
regulator for PMA’s three domestic insurance company subsidiaries,
has approved the merger by and between PMA Capital Corporation and
a wholly-owned subsidiary of Old Republic International
Corporation.
- Old Republic expects to file its
pending registration statement on Form S-4 with the Securities and
Exchange Commission with a request for acceleration of the
effective date of the registration statement.
- In conjunction with the
solicitation of proxies from its shareholders, PMA has established
a shareholder of record date of July 30, 2010, and a shareholders
special meeting date of September 21, 2010 for approval of the
merger.
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 $13.96 billion and shareholders’ equity of $3.98
billion or $16.84 per share. Its current stock market valuation is
approximately $3.05 billion, or $12.67 per share.
About PMA
PMA Capital Corporation, headquartered in Blue Bell,
Pennsylvania, is a holding company whose operating subsidiaries
provide insurance and fee-based services. Insurance products
include workers’ compensation and other commercial property and
casualty lines of insurance. Fee-based services include third party
administrator, managing general agent and program administrator
services. PMA has assets of approximately $2.37 billion and common
shareholders’ equity of $429 million or $13.30 per share. Its
current stock market valuation is approximately $218 million or
$6.76 per share.
Important Information for Investors and Shareholders
Old Republic has filed with the Securities and Exchange
Commission (the “SEC”) a registration statement on Form S-4 that
includes a proxy statement of PMA Capital Corporation. Old Republic
and PMA have also filed other documents with the SEC regarding the
proposed transaction. A definitive proxy statement will be sent to
PMA’s shareholders. INVESTORS AND SHAREHOLDERS ARE ADVISED TO READ
THE PROXY STATEMENT/PROSPECTUS WHEN IT BECOMES AVAILABLE, AND OTHER
DOCUMENTS THAT ARE FILED WITH THE SEC BECAUSE THEY CONTAIN
IMPORTANT INFORMATION ABOUT THE MERGER OF PMA AND OLD REPUBLIC.
Investors and shareholders may obtain free copies of the proxy
statement/prospectus and other documents filed by PMA, at the SEC’s
web site at www.sec.gov or at PMA’s web site at www.pmacapital.com.
The proxy statement and such other documents may also be obtained
for free from PMA by directing such request to Investor Relations,
PMA Capital Corporation, 380 Sentry Parkway, Blue Bell,
Pennsylvania, telephone: 610-397-5298.
PMA and its directors, executive officers and other members of
its management and employees may be deemed to be participants in
the solicitation of proxies from PMA’s shareholders in connection
with the proposed transaction. Information concerning the interests
of those persons is set forth in the proxy statement/prospectus and
PMA’s proxy statement relating to the 2010 annual meeting of
shareholders and Annual Report on Form 10-K for the fiscal
year ended December 31, 2009, all of which have been filed
with the SEC.
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