Penn Millers Holding (PMIC) said its shareholders have approved the company's merger with Ace American Insurance Company.
This approval was done at a special meeting of shareholders, wherein approximately 71.1% of the outstanding shares of common stock of the company as of the record date were voted, out of which approximately 99.8% were voted in favor of the merger.
Under the Merger Agreement, the company’s shareholders will receive $20.50 in cash, without interest, for each share of Penn Millers common stock.
Penn Millers currently anticipates that the merger will close on 30 November 2011, following which Penn will become a wholly-owned subsidiary of ACE American.
The company provides property and casualty insurance through its wholly owned subsidiary, Penn Millers Insurance Company, which provides agribusiness insurance and commercial lines insurance in 34 states.