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W. R. Berkley Corporation Agrees to Acquire American Mining Insurance Company

Posted on: Tuesday, 4 September 2007, 09:09 CDT

W. R. Berkley Corporation (NYSE: BER) today announced the execution of a definitive agreement to acquire CGH Insurance Group, the owner of American Mining Insurance Company ("American Mining"). American Mining, based in Birmingham, Alabama, has specialized in providing insurance protection to the mining industry since 1989. The agreement, dated August 31, 2007, is subject to a number of conditions, including the approval of the Alabama Department of Insurance. Terms of the transaction were not disclosed.

Upon the closing of the transaction, Chandler F. Cox, Jr., American Mining's current president and chief executive officer, and Dominick Giovannelli, its executive vice president and chief financial officer, will continue serving in those roles. Messrs. Cox, Jr. and Giovannelli each have over 25 years of experience in the insurance industry.

William R. Berkley, chairman of the board and chief executive officer of W. R. Berkley Corporation, said: "The operations of CGH have a special expertise in addressing the insurance needs of the mining operations marketplace and should benefit from the additional resources that W. R. Berkley Corporation can offer. We look forward to Chan and Dom joining us and having American Mining as part of our organization."

Founded in 1967, W. R. Berkley Corporation is an insurance holding company that is among the largest commercial lines writers in the United States and operates in five segments of the property casualty insurance business: specialty insurance, regional property casualty insurance, alternative markets, reinsurance, and international.

This is a "Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995. Any forward-looking statements contained herein, including statements related to our outlook for the industry and for our performance for the year 2007 and beyond, are based upon the Company's historical performance and on current plans, estimates and expectations. The inclusion of this forward-looking information should not be regarded as a representation by us or any other person that the future plans, estimates or expectations contemplated by us will be achieved. They are subject to various risks and uncertainties, including but not limited to, the success of our new ventures or acquisitions and the availability of other opportunities, our ability to attract and retain qualified employees, and other risks detailed from time to time in the Company's filings with the Securities and Exchange Commission. These risks could cause actual results of the industry or our actual results for the year 2007 and beyond to differ materially from those expressed in any forward-looking statement made by or on behalf of the Company. Any projections of growth in the Company's net premiums written and service fees would not necessarily result in commensurate levels of underwriting and operating profits. Forward-looking statements speak only as of the date on which they are made, and the Company undertakes no obligation to update publicly or revise any forward-looking statement, whether as a result of new information, future developments or otherwise.

Source: Business Wire

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