Key Developments For PMA Capital Corporation
PMA Capital Corporation (PMACA.O) (Consolidated Issue listed on NASDAQ Global Market)
PMA Capital Corporation Announces Resignation Of William E. Hitselberger As CFO-Form 8-K
PMA Capital Corporation reported in its Form 8-K that on November 10, 2009, it was notified by William E. Hitselberger, its Executive Vice President and Chief Financial Officer (CFO), that he was resigning from the Company effective December 8, 2009 to accept a position at another insurance company. John M. Cochrane, Senior Vice President Finance, will be appointed interim CFO and principal accounting officer effective December 8, 2009.
PMA Capital Corporation Declares Dividend
PMA Capital Corporation announced that it has declared a dividend of one preferred stock purchase right for each outstanding common share as of the close of business on August 17, 2009.
PMA Capital Corporation Issues Q4, FY 2008 Guidance
PMA Capital Corporation announced that for fourth quarter of 2008, it expects to report operating income, which it defines as net income (loss) excluding net realized investment gains (losses) and results from discontinued operations, of between $0.10 and $0.12 per share and between $0.66 and $0.68 per share for fiscal 2008. The Company expects to report revenue and operating income growth at each of its ongoing operating segments for both the fourth quarter and full year 2008, compared to the same periods in 2007, as the combined ratio at The PMA Insurance Group should continue to improve and its Fee-based Business should continue to experience strong revenue growth. The Company also expects to report a net loss per share of between $0.11 and $0.15 for the fourth quarter of 2008 and net income of between $0.16 and $0.20 per share for fiscal 2008. According to Reuters Estimates, analysts were expecting the Company to report revenues of $124 million and EPS of $0.13 for fourth quarter of 2008; revenues of $486 million and EPS of $0.66 for fiscal 2008.
PMA Capital Corporation Completes Acquisition of Webster Risk Services
PMA Capital Corporation announced the completion of its acquisition of Webster Risk Services, a Connecticut-based provider of Third Party Administration (TPA) services, from Webster Financial Corporation. Webster Risk Services, which will be renamed PMA Management Corp. of New England, Inc., is well known for its expertise in providing risk management and TPA services to healthcare and public entity customers primarily in the Connecticut and New York markets. Under the terms of the transaction, PMA Capital paid $5.9 million in cash for Webster Risk Services, which included certain price adjustments at closing.
PMA Capital Corporation Signs Stock Purchase Agreement To Sell Its Run Off Operations
PMA Capital Corporation announced that it has executed a definitive stock purchase agreement to sell its Run-off Operations to Armour Reinsurance Group Limited, a Bermuda-based corporation. Armour Reinsurance Group Limited is an indirectly wholly owned subsidiary of Brevan Howard P&C Master Fund Limited, a Cayman-based fund which specializes in insurance and reinsurance investments. Under the terms of the agreement, the Company will receive $10 million in cash and a $10 million promissory note, subject to certain adjustments at closing. The promissory note is also subject to certain downward adjustments based on the future development of the business' loss reserves over the next five years. Keefe, Bruyette & Woods, Inc. served as the financial advisor for PMA Capital in this transaction.
