Acquisition By Donegal Group Completed
PENINSULA INSURANCE GROUP ANNOUNCES COMPLETION OF ACQUISITION BY DONEGAL GROUP
We are pleased to announce the completion of the acquisition of the Peninsula Insurance Group by the Donegal Group, located in Marietta, Pennsylvania. [ Donegal Group Web Site ]
The following is the text of the press release issued on January 6, 2004:
G. Eric Crouchley
President and CEO
Phone (410) 742-5132
For Immediate Release
Salisbury, Maryland, January 6, 2004 - Peninsula Insurance Group today announced that all of the capital stock of The Peninsula Insurance Company and Peninsula Indemnity Company has been acquired by Donegal Group Inc. for approximately $23.0 million in cash. Donegal Group Inc. is an insurance holding company located in Marietta, Pennsylvania, whose common stock trades on the Nasdaq National Market under the symbols DGICA and DGICB. At September 30, 2003, Donegal Group had total assets of $541.6 million and stockholders' equity of $146.4 million.
G. Eric Crouchley, III, President of Peninsula Group, stated "We are pleased to become a part of the Donegal Insurance Group." Crouchley confirmed that Peninsula Insurance Group would continue from its present location in Salisbury, Maryland and with its same management.
Donegal Group is a property and casualty insurance holding company whose insurance subsidiaries offer personal and commercial lines of insurance to businesses and individuals in six Mid-Atlantic states (Connecticut, Delaware, Maryland, New York, Ohio and Pennsylvania), eight Southeastern states (Alabama, Arkansas, Georgia, Louisiana, North Carolina, South Carolina, Tennessee and Virginia) and four Midwestern states (Iowa, Nebraska, Oklahoma and South Dakota).
