ACE Limited announced on Wednesday that it has completed its acquisition of Penn Millers Holding Corp. for approximately $107 million in cash. The two companies first announced the deal in September.
Penn Millers Holding’s primary insurance subsidiary, Penn Millers Insurance Company, provides specialty property and casualty insurance coverages to companies that manufacture, process and distribute agricultural products.
Based in Wilkes-Barre, Penn., Penn Millers has served the agribusiness market since 1887 and operates in 34 states. But like many other insurers, the company’s bottom line has been hurt by catastrophe losses in the last couple of years and by soft pricing in commercial insurance.
ACE stated that the Penn Millers acquisition now provides an established, specialty niche business. The deal would allow ACE to expand its agricultural market capabilities offered through the Rain and Hail crop insurance and ACE Westchester excess and surplus lines businesses.
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