PMA Capital Completes Acquisition of Webster Risk Services and Announces Second Quarter 2008 Earnings Release Date
01 July 2008 - 7:40AM
Business Wire
PMA Capital Corporation (NASDAQ:PMACA) announced today 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. �The acquisition of PMA Management Corp. of New England
is a natural extension of our fee-based business segment, and
expands the geographic reach of our expertise in providing TPA and
risk services,� said Vincent T. Donnelly, President and Chief
Executive Officer of PMA Capital Corporation. �Exclusive of any
anticipated synergies, this transaction is expected to add about 2
cents per share to our earnings on an annual basis,� said Mr.
Donnelly. He added, �We expect to be able to quickly enhance the
product and service offerings at PMA Management Corp. of New
England, and believe that, working with the group�s existing
management team and experienced staff, we will continue to grow our
market presence in this important territory.� Alan Mathog,
President of Webster Risk Services, said, �Our team is excited to
become part of the PMA Capital family, and we believe that PMA
Capital�s expertise in specialized risk management solutions and
services to customers throughout the United States will help us
grow our business and enhance our ability to deliver excellent
service to all of our customers.� Second Quarter Results and
Conference Call PMA Capital Corporation also announced today that
it intends to release its second quarter 2008 financial results on
Thursday, July 31, 2008, after the market closes. At that time, a
copy of the Company�s earnings release and quarterly statistical
supplement will be available on the Company�s website at
www.pmacapital.com in the Investor Information section (choose
Current Investor Information). Click on News Releases to access the
release; from Current Investor Information, you can click on
Financial Reports to access the quarterly statistical supplement.
Management will hold a conference call with investors beginning at
8:30 a.m. Eastern Time on Friday, August 1st to review the
Company�s financial results in detail. To listen to the conference
call, please dial 888-680-0860 (domestic) or 617-213-4852
(international) approximately five minutes before start time and
use passcode 30101283. You may pre-register for the conference call
using the following link:
www.theconferencingservice.com/prereg/key.process?key=PHV79DVKP
Pre-registering is not mandatory but is recommended as it will
provide you immediate entry into the call and will facilitate the
timely start of the conference. Pre-registration only takes a few
moments and you may pre-register at anytime, including up to and
after the call start time. Alternatively, if you would rather be
placed into the call by an operator, please use the dial-in
information above at least 5 minutes prior to the call start time.
To access the webcast, enter the Investor Information section
(choose Current Investor Information). Click on News Releases to
find this announcement and then click on the microphone next to
this release. Please allow approximately 15 minutes prior to the
call to visit the site and download the necessary software to
listen to the webcast. Please note that by accessing the conference
call via the Internet, you will be in a listen-only mode. A replay
of the conference call will be available through Monday, September
1, 2008 by dialing 888-286-8010 (domestic) or 617-801-6888
(international) using passcode 29167795. This press release
includes forward-looking statements as defined in the Private
Securities Litigation Reform Act of 1995. These forward looking
statements may include estimates, assumptions or projections and
are based on currently available financial, competitive and
economic data and the current operating plans of the Company.
Although the Company�s management believes that its expectations
are reasonable, there can be no assurance that actual results will
not differ materially from such expectations. Factors that could
cause actual results to differ materially from those in the
forward-looking statements include, without limitation, the
Company�s ability to achieve the projected accretion in earnings,
changes in developments or trends in business and the markets in
which the Company operates, and the Company�s ability to retain key
customers and certain personnel. Accordingly, you should not place
undue reliance on any forward-looking statements in this press
release. Forward-looking statements are not generally required to
be publicly revised as circumstances change and the Company does
not intend to update the forward-looking statements in this press
release. PMA Capital Corporation, headquartered in Blue Bell,
Pennsylvania, is a holding company whose operating subsidiaries
provide insurance and fee-based services. Insurance products
include workers� compensation and other commercial property and
casualty lines of insurance, primarily in the eastern part of the
United States, underwritten and marketed under the trade name The
PMA Insurance Group. Fee-based services include third party
administrator, managing general agent and program administrator
services. For additional information, visit www.pmacapital.com.
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