Printer Friendly

ALLMERICA PROPERTY & CASUALTY COMPANIES, INC. ANNOUNCEMENT

 WORCESTER, Mass., Dec. 31 /PRNewswire/ -- Allmerica Property & Casualty Companies, Inc.(NASDAQ-NMS: ALPC) announced today that its wholly-owned subsidiary The Hanover Insurance Company has entered into an agreement with Ohio Farmers Insurance Company, a member of the Westfield Companies Group pursuant to which Ohio Farmers will purchase the stock of Beacon Insurance Company of America, an Ohio-based subsidiary of Hanover. The purchase price to be paid by Ohio Farmers for Beacon is $89,700,000 in cash. Closing of the transaction is conditioned upon approval by the Ohio Superintendent of Insurance, certain other regulatory approvals and the satisfaction or waiver of other conditions.
 Beacon Insurance Company is rated A+ by A.M. Best Company and is expected to have written premiums of about $65,000,000 in 1992. About 92 percent of Beacon's premium is written in Ohio through 260 independent agencies.
 Westfield Companies is rated A++ by A.M. Best Company and will write about $520,000,000 in 15 operational states through 1300 independent agencies. Westfield will write about $245,000,000 in premium in Ohio in 1992. The company expects no significant changes will occur in Beacon's operations.
 ALPC (whose units are rated AA by Standard & Poor's) is among the 40 largest U.S. Property and casualty groups with $1.7 billion of annual premiums.
 -0- 12/31/92 R
 /CONTACT: Mark Plotczyk, director of public affairs of The Hanover Insurance Company, 508-855-3099/
 (ALPC)


CO: Hanover Insurance ST: Massachusetts IN: INS SU:

CH -- NE005R -- 0981 12/31/92 15:54 EST
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Dec 31, 1992
Words:253
Previous Article:GOLBAL INFORMATION SERVICES (ASIA PACIFIC COMMUNICATIONS CORP.) ANNOUNCES ACQUISITION AGREEMENT
Next Article:PENNZOIL TO CALL $273 MILLION IN HIGH COUPON DEBT
Topics:


Related Articles
ALLMERICA PROPERTY & CASUALTY COMPANIES, INC. ANNOUNCEMENT
A.M. BEST COMPANY UPGRADES HANOVER INSURANCE COMPANY RATING; REAFFIRMS RATING FOR CITIZENS INSURANCE COMPANY OF AMERICA
ALLMERICA P & C RECEIVES MERGER INVITATION FROM AFFILIATE
ALLMERICA PROPERTY & CASUALTY DECLARES DIVIDEND
ALLMERICA P&C ANNOUNCES CHANGE OF DIVIDEND DATES
ALLMERICA P&C ANNOUNCES STATE MUTUAL POSTPONES CONSIDERATION OF POSSIBLE MERGER
STATE MUTUAL POSTPONES CONSIDERATION OF POSSIBLE MERGER
Allmerica Financial Corporation Offers $29.00 Per Share for Allmerica Property & Casualty Companies, Inc.
Allmerica Financial Corporation, Allmerica Property & Casualty Companies, Inc. Announce Definitive Merger Agreement
Allmerica P&C Defers Dividend Action

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters