Penn-America Group Announces 3-for-2 Stock Split

Penn-America Group, Inc. announced a three-for-two stock split to be effected in the form of a 50% stock dividend payable to stockholders of record as of April 25, 2002. The distribution date will be May 9, 2002.

Jon Saltzman, president and CEO stated, “The market price of our common stock has appreciated more than 100% in the past 18 months. This stock split is intended to improve the market liquidity of our common stock and reward our current shareholders who have supported us during the last several years.”

The company also indicated that it would adjust its balance sheet to reflect the stock split and that any fractional shares would be compensated in cash “based on the closing price of the company’s common stock on the record date.”|”penn-america, group, announces, 3-for-2, stock, split,