Reno, Nev.-based Employers Holdings Inc. has agreed to an amendment to the terms of its pending acquisition of AmCOMP Inc. that accounts for a regulatory ruling requiring policyholder refunds in Florida.
In connection with the amendment to the merger agreement, AmCOMP settled outstanding excessive profits matters with the Florida Office of Insurance Regulation. The consent order provided that AmCOMP’s insurance subsidiaries realized Florida excessive profits in the amount of approximately $2.8 million for accident years 2003, 2004 and 2005 and Florida excessive profits in the amount of approximately $5.6 million for accident years 2004, 2005 and 2006. In accordance with the terms of the consent order and applicable Florida law, AmCOMP intends to provide refunds to affected policyholders
Under the amended merger agreement, which has been approved by the boards of directors of both companies, holders of AmCOMP’s approximately 15 million common shares outstanding will receive consideration of $12.15 per share in cash.
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