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Member, Beacon International Group, Ltd.
WILKES-BARRE, Pa.—ACE Ltd. is expanding in the specialty insurance market with the $107 million cash acquisition of Penn Millers Holding Corp.
PMHC subsidiary Penn Millers Insurance Co. writes property/casualty coverage for companies that manufacture, process and distribute agricultural products. Based in Wilkes-Barre, Pa., the insurer operates in 34 U.S. states.
“The acquisition of Penn Millers will provide us with an established, specialty niche business that complements our current agricultural market capabilities offered through our rain and hail crop insurance and ACE Westchester excess and surplus lines businesses,” Brian Dowd, member of the chairman’s office at Zurich-based ACE, said Thursday in a statement.
The transaction—which is subject to regulatory approvals, PMHC shareholder approval and other conditions—is expected to be completed by the end of the first quarter of 2012, ACE said.