Donegal Group Inc.
(Nasdaq: DGICA, DGICB) yesterday reported that it had agreed to acquire all of the
outstanding capital stock of the Peninsula Insurance Group from Folksamerica
Reinsurance Company. The acquisition is subject to approval by the Insurance
Commissioner of the State of Maryland and is expected to be completed by the
end of 2003 or early 2004. DGI will acquire Peninsula Insurance Group for
cash at a price equal to 107.5% of its consolidated GAAP stockholders' equity
as of the closing, an estimated $23 million.
Peninsula operates as a multiple line carrier, primarily...
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