SOURCE: Mercer Insurance Group, Inc.

October 03, 2005 16:10 ET

Mercer Announces Closing of Financial Pacific Acquisition

PENNINGTON, NJ and ROCKLIN, CA -- (MARKET WIRE) -- October 3, 2005 -- Mercer Insurance Group, Inc. (NASDAQ: MIGP) announced today the completion of its previously announced agreement to acquire all the outstanding stock of Financial Pacific Insurance Group, Inc. for approximately $40.4 million in cash.

Financial Pacific is a specialty writer of commercial lines, with a focus on business in four western states. Financial Pacific provides products to a variety of commercial businesses in the contractor, manufacturing, retail, services and wholesaling businesses, among other businesses. Financial Pacific is licensed in an additional 15 states, mostly west of the Mississippi River.

Andrew Speaker, President and CEO of Mercer, said, "We are excited to add Financial Pacific to the Mercer platform. An important part of our strategy is to selectively acquire attractive companies while maintaining organic growth in our existing markets and expand into selected states. We believe the Financial Pacific acquisition will enhance our market position and enable us to successfully leverage our capital position."

Mercer Insurance Group, Inc. is a holding company, which through its insurance subsidiaries offers commercial and personal lines products to businesses and individuals in Pennsylvania and New Jersey. Financial Pacific Insurance Group, Inc., located in Rocklin, CA, was formed in 1987 and writes commercial business in a number of states in the Western region of the United States.

Contact Information

  • Company Contacts:

    Andrew R. Speaker
    President & CEO
    Mercer Insurance Group, Inc.
    (609) 737-0426

    Robert T. Kingsley
    President & CEO
    Financial Pacific Insurance Group, Inc.
    (916) 630-3806