North Canton, Ohio-based pet insurer Hartville Group Inc. announced that its board of directors has decided that pursuing the acquisition of the property/casualty insurance company was no longer in the best interest of shareholders. Consequently, the agreement to acquire the insurance company will not proceed and negotiations with the Ohio Department of Insurance have ended.
The company is presently negotiating an agreement for termination with the Insurance Department. Previously issued 10-QSBs for June 30, 2004 and Sept. 30, 2004 will be restated to reflect the de-consolidation of the insurance company and will include the company’s estimate of recoverable costs incurred in connection with the attempted acquisition.
Despite the withdrawal from this acquisition the company said it continues to service existing customers and write policies through a large international general insurance and reinsurance group. Management is identifying other potential opportunities which will allow it to take a greater portion of the underwriting profit on future policies and renewals.
Topics Mergers & Acquisitions Carriers
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