Ace Acquires Penn Millers In $107M Deal

Law360, San Diego (September 8, 2011, 7:55 PM EDT) -- Aiming to build its presence in the U.S. agricultural space, global insurance giant Ace Ltd. agreed on Thursday to pick up Penn Millers Holding Corp. for $107 million in cash.

An Ace subsidiary entered into a definitive agreement to acquire the Wilkes-Barre, Pa.-based company for $20.50 per share. Penn Millers operates in 34 states and has a unit focusing on providing specialty property and casualty insurance to companies that make, process and distribute agricultural products.

Penn Millers' board of directors unanimously agreed to the deal, but...
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