ALLIED GROUP COMPLETES COMMON STOCK OFFERING
ALLIED GROUP COMPLETES COMMON STOCK OFFERING DES MOINES, Iowa, Feb. 25 /PRNewswire/ -- ALLIED Group, Inc.
(NASDAQ: ALGR), announced that it completed its common stock offering yesterday and received $30.0 million in net proceeds. The underwriters, represented by Alex. Brown & Sons Incorporated and Kemper Securities Group, Inc., exercised their over-allotment option to purchase an additional 225,000 shares, which brought the total number of shares issued and sold under the offering to 1,725,000 shares.
Utilizing the offering proceeds, the property-casualty subsidiaries of ALLIED Group, Inc., increased their participation percentage in the pooling agreement from 53 percent to 60 percent retroactively effective to Jan. 1, 1992. ALLIED Mutual Insurance Company's participation percentage in the pooling agreement was reduced to 40 percent. ALLIED Group, Inc., is a regional property-casualty insurer specializing in personal lines. The company uses independent agencies, exclusive agencies, and direct response marketing to offer products in central and western states. -0- 2/25/92 /CONTACT: Jim Shaffer of ALLIED Group, 515-280-4326/ (ALGR) CO: ALLIED Group, Inc. ST: Iowa IN: INS SU: OFR
SM-GK -- NY029 -- 2250 02/25/92 10:17 EST
|Printer friendly Cite/link Email Feedback|
|Date:||Feb 25, 1992|
|Previous Article:||PENSKE AND BOSCH ANNOUNCE PARTNERSHIP|
|Next Article:||COALITION DENOUNCES FORD FOR 'TRADING GIFTS FOR SIGNATURES'|