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DEAL ANNOUNCEMENT
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Fremont Michigan InsuraCorp Agrees to be Acquired by
Auto Club Insurance Association
Fremont Michigan InsuraCorp, Inc., a Michigan-exclusive property and casualty insurer, and Auto Club Insurance Association (ACIA), a Michigan-domiciled reciprocal inter-insurance exchange, announced that they have entered into a definitive merger agreement. Under the terms of the agreement, ACIA will acquire all of the outstanding shares of Fremont for $36.15 per share in cash, for an aggregate purchase price of approximately $67.7 million. The transaction is subject to customary closing conditions, including the receipt of regulatory approvals, and approval by a majority of Fremont's shareholders. There is no financing condition and the transaction is expected to close in the third quarter of 2011. Sherman & Company Holdings, formerly LMC Capital, served as financial advisor to Auto Club Insurance Association on the transaction.
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About Auto Club Insurance Association
Auto Club Insurance Association and its affiliates offer a full range of personal lines insurance products and services. ACIA is an affiliate of AAA Auto Club Group, which provides membership, travel, and financial services to more than 4.2 million members in Illinois, Indiana, Iowa, Michigan, Minnesota, Nebraska, North Dakota, and Wisconsin.
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About Fremont Michigan InsuraCorp, Inc.
Fremont Michigan InsuraCorp, Inc. is the holding company for Fremont Insurance Company. Headquartered in Fremont, Michigan, the company provides property and casualty insurance to individuals, farms, and small businesses exclusively in Michigan. Trading in Fremont's common stock is reported on the OTC Market (OTCQB) under the symbol "FMMH."
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About Sherman & Company Holdings
Sherman & Company, formerly LMC Capital, is a boutique investment banking firm focused solely on the insurance industry. Our services include: Mergers & Acquisitions, Capital Raising, Strategic Advisory & Fairness Opinions, and Regulatory Advisory.
www.Sherman-Company.com
Investment banking for the insurance industry is not just part of our business.
It is our only business.
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