ACE Ltd., a major component of ACE Group’s global insurance and reinsurance business, announced a definitive agreement for its acquisition of Penn Millers Holding Corporation (PMHC) for $107 million in cash.

Penn Millers Insurance Company (PMIC), the primary insurance subsidiary of PMHC, provides specialty property/casualty insurance to companies that manufacture, process and distribute agricultural products. The Wilkes-Barre, Pa.-based PMIC has been in the agribusiness market for more than 100 years and currently operates in 34 states.

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