Cincinnati-based specialty insurer Midland Co. declared a regular quarterly dividend of 5.125 cents per share, maintaining the annual dividend at 20.5 cents per share. The quarterly dividend is payable October 5, 2004 to share holders of record on September 21, 2004. The Midland Company presently has 18,769,000 shares outstanding.
Midland is a provider of specialty insurance products and services through its wholly owned subsidiary, American Modern Insurance Group, which accounts for approximately 96 percent of Midland’s consolidated revenue. American Modern specializes in writing physical damage insurance and related coverages on manufactured housing and has expanded to other specialty insurance products including coverage for site-built homes, motorcycles, watercraft, snowmobiles, recreational vehicles, physical damage on long-haul trucks, extended service contracts, credit life and related products as well as collateral protection and mortgage fire products sold to financial institutions and their customers.
Midland also owns a niche transportation business, M/G Transport Group, which operates a fleet of dry cargo barges for the movement of dry bulk commodities on the inland waterways. Midland’s common stock is traded on the Nasdaq National Market under the symbol MLAN.
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