PMA Acquisition Approved by Shareholders

Shareholders of Pennsylvania-based PMA Capital Corp. have approved the company’s acquisition by Old Republic International Corp. a deal that is expected to close on Oct. 1.

PMA Capital also announced that President and CEO Vincent T. Donnelly, and all other current PMA officers have agreed to terminate their severance agreements upon the closing of the merger. All of these officers expect to continue in similar executive positions under the company’s new ownership.

PMA is the holding company for several subsidiaries that specialize in property/casualty insurance, third-party administration and other fee-based services.

The merger is a stock-swap transaction valued at around $365 million.

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Source: PMA Capital