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.
“The acquisition of Penn Millers will provide us with an established, specialty niche business that complements our current agricultural market capabilities,” said Brian Dowd, office of the chairman, ACE Ltd.
The transaction, which is subject to regulatory approvals, PMHC shareholder approval and other customary closing conditions, is projected for completion by the end of the first quarter of 2012.
