Citing growth and confidence in the future, Cincinnati, Ohio-based provider of specialty insurance products and services, The Midland Company announced that its Board of Directors approved a 9.4 percent increase in the company’s indicated annual dividend to 35 cents per share from 32 cents per share.
The next quarterly dividend, payable April 4 to shareholders of record as of March 12 will be 8.75 cents per share, up from the previous level of 8 cents per share. As of Dec. 31, 2001, Midland had 8.8 million shares outstanding.
Joseph P. Hayden III, chairman and chief operating officer said the company’s “annual dividend has increased for 16 consecutive years at a compound annual growth rate of 10.6 percent for the same period.”
The company, which provides specialty insurance products through its wholly-owned subsidiary, American Modern Insurance Group, plans to report results for its fourth quarter and year ended Dec. 31, 2001 on Feb. 7.
American Modern accounts for approximately 94 percent of Midland’s consolidated revenue. It specializes in writing physical damage insurance and related coverages on manufactured housing and has expanded to other areas of insurance, including homeowners, lower valued homes, dwelling fire, mortgage fire, collateral protection, watercraft, specialty automobile, motorcycle, snowmobile, recreational vehicle, long-haul truck, commercial and excess and surplus lines.
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