GEICO's Catastrophe Response Teams (CAT) are on standby, ready to assist if Tropical Storm Gustav makes its way through the Gulf States of Texas, Louisiana, Mississippi, Alabama and Florida and vehicles are damaged.
AmCOMP Incorporated ("AmCOMP" or the "Company") (Nasdaq:AMCP) announced today that it has entered into an amendment to the merger agreement providing for the acquisition of AmCOMP by Employers Holdings, Inc. ("EMPLOYERS") (NYSE:EIG). Under the amended merger agreement, which has been approved by the boards of directors of both companies, holders of AmCOMP's approximately 15 million common shares outstanding will receive consideration of $12.15 per share in cash. AmCOMP's Board of Directors approved the amendment to the merger agreement in light of the terms of its settlement of outstanding excessive profits matters with the Florida Office of Insurance Regulation (the "Florida OIR") as described below. The Florida OIR also approved EMPLOYERS' acquisition of AmCOMP pursuant to the amended merger agreement. Accordingly, in connection with the amendment to the merger agreement, EMPLOYERS has acknowledged and agreed that neither the Consent Order, dated August 29, 2008, executed in connection with the settlement of AmCOMP's excessive profits filings with the Florida OIR (the "Consent Order") nor any provision, requirement, agreement or covenant contained therein will constitute a Burdensome Condition or Company Material Adverse Effect (as such terms are defined in the merger agreement) for any purpose under the merger agreement. The transaction, which is subject to approval of AmCOMP's stockholders and other customary closing conditions, is now expected to be completed by October 31, 2008. The Company has set September 12, 2008 as the record date for the special meeting of stockholders to consider the proposal to approve the proposed merger. It is anticipated that the special meeting will be held on or about October 29, 2008.
Employers Holdings, Inc. ("EMPLOYERS") (NYSE: EIG) announced today that it has entered into an amendment to its merger agreement with AmCOMP Incorporated ("AmCOMP") (Nasdaq: AMCP) providing for the pending acquisition of AmCOMP by EMPLOYERS. Under the amended merger agreement, which has been approved by the boards of directors of both companies, holders of AmCOMP's approximately 15 million common shares outstanding will receive consideration of $12.15 per share in cash. In connection with the amendment to the merger agreement, AmCOMP settled outstanding excessive profits matters with the Florida Office of Insurance Regulation (the "Florida OIR") through entry into a consent order providing that AmCOMP's insurance subsidiaries realized Florida excessive profits in the amount of approximately $2.8 million for accident years 2003, 2004 and 2005 and Florida excessive profits in the amount of approximately $5.6 million for accident years 2004, 2005 and 2006. In accordance with the terms of the consent order and applicable Florida law, AmCOMP intends to provide refunds to affected policyholders.
Statement of Lisa Rickard, President of the U.S. Chamber Institute for Legal Reform, on Florida Governor Charlie Crist's appointment of Judge Charles Canady to the Florida Supreme Court:
Aspen Insurance Holdings Limited (NYSE:AHL) today announced that Richard Houghton, Chief Financial Officer, is scheduled to present at the 2008 Keefe, Bruyette and Woods Insurance Conference on Thursday, September 4, 2008 at 2:05 p.m. (ET). The conference is being held in New York City.
Frank Pennachio, president of WorkComp Partners, a workers' compensation insurance agency in Bartow, Fla., has become a Certified Partner of Injury Management Partners. Pennachio is now able to offer The Employers STEP Advantage(SM) program developed by Injury Management Partners.
BankAtlantic Bancorp, Inc. (NYSE:BBX), today announced it plans to present to institutional investors at the Kaufman Brothers 11th Annual Investor Conference, at The W New York Hotel, located at 541 Lexington Avenue, in New York City.
Homeowners Choice, Inc. (NASDAQ:HCIIU), a Florida-based provider of homeowners' insurance, today announced its results for the three months and six months ended June 30, 2008. Net income for the second quarter 2008 was $2,813,000, or $0.54 per diluted share, and for the six months ended June 30, 2008 was $6,736,000, or $1.30 per diluted share. Net premiums earned for the three months and six months ended June 30, 2008 were $9,818,000 and $20,259,000, respectively.
Aspen Insurance UK Limited ("Aspen Re"), a subsidiary of Aspen Insurance Holdings Limited (NYSE:AHL), announced that it was named "Best Global Reinsurance Company for Specialty Lines" by Reactions magazine for the second consecutive year.
Fidelity National Financial, Inc. (NYSE: FNF), a leading provider of title insurance, specialty insurance, claims management services and information services, today announced that it will be presenting at the Keefe, Bruyette & Woods 2008 Insurance Conference at 1:20 p.m. ET on Wednesday, September 3, 2008. Alan L. Stinson, Chief Executive Officer, Anthony J. Park, Chief Financial Officer and Daniel Kennedy Murphy, Senior Vice President, Finance and Investor Relations will present on behalf on FNF. A live webcast of the presentation will be available on the FNF Investor Relations website at fnf.com.
Westminster Teak, Inc., manufacturer and distributor of Luxury Outdoor Teak furniture, introduces their new modular lounge collection -- Aman Dais. This timely introduction coincides with the company's objective to begin offering high-style luxury outdoor furniture at price points that will appeal to a broader audience.
FPIC Insurance Group, Inc. (the "Company") (Nasdaq:FPIC) announced today that John R. Byers, President and Chief Executive Officer, and Charles Divita, III, Chief Financial Officer, will present at the Keefe, Bruyette & Woods Insurance Conference in New York City on Thursday, September 4, 2008 at 8:45 a.m., Eastern Time. The conference is being held at the Waldorf Astoria Hotel at 301 Park Avenue and 50th Street in New York City.
Homeowners Choice, Inc. (NASDAQ:HCIIU) announced today the mandatory separation of the common shares and warrants underlying its units, currently trading on The NASDAQ Global Market under the ticker symbol "HCIIU."
The nonprofit Federal Alliance for Safe Homes, Inc. - FLASH(R), RenaissanceRe Holdings Ltd. and its U.S. affiliate WeatherPredict Consulting Inc., Simpson Strong-Tie and State Farm today opened an interactive and educational weather experience entitled StormStruck: A Tale of Two Homes(TM) at INNOVENTIONS at Epcot(R) at the Walt Disney World(R) Resort in Lake Buena Vista, FL.
Homeowners Choice Inc. (NASDAQ:HCIIU) announces the following Webcast:
In their effort to ensure this generation of veterans is the most successful and well-adjusted, Wounded Warrior Project (WWP) partnered with St. Johns' University School of Risk Management, major Insurance leaders & the Insurance Industry Charitable Foundation (IICF) on a three-day "Warriors to Work" Insurance Industry Workforce Development pilot program. The program gave 11 wounded warriors, most of whom were from the New York Metropolitan area, the opportunity to be trained by two of St. John's University's most respected professors, Albert Beer and Richard Bennet. Among the plethora of subjects discussed were classes on Risk and Risk Management Process, Underwriting and Ratemaking. An additional component of the program matched the warriors up with human resources representative for insurance companies such as AIG, Chubb, ACE, and Benfield to work on interview skills and techniques.
OptumHealth announced today that it is providing a free help line to people in Florida coping with the emotional consequences of Tropical Storm Fay. Staffed by experienced master's-level behavioral health specialists, the free help line offers assistance to callers seeking help in dealing with stress, anxiety and the grieving process. Callers may also receive referrals to a database of community resources to help them with specific concerns, such as financial and legal issues.
Ethos Investigative Services, Inc., a St. Petersburg, FL based risk mitigation provider, today announced the acquisition of Global Risk Services, Inc., a Florida corporation that provides subrogation and field investigative services for self-insured's and insurance carriers.
Ivory Mandarin Bistro joins national campaign to end shark finning by taking shark fin soup off its menu
FranchisEsource Brands International, FSBI (www.FranchisEsource.com) will play host to 450 franchise industry and Business Coaching executives from 125 franchise brands including FSBI's seven brands at their annual Conference scheduled for September 16th through September 21st at the Doral Golf Resort & Spa in Miami. Although this is the 9th Annual Conference for The Entrepreneur's Source(R), TES (www.EsourceCoach.com), this invitation only event is the first annual gathering of all the major international FSBI franchise brands including The Entrepreneur's Source(R), AdviCoach(R), Business Partner(R) Marketing Coach, Decor&You, FranchiseSearch.com, FranchiseMatch(R).com and WEBB, Women Empowered by Business(R).
