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News Breaks
February 25, 2014
14:41 EDTTROW, NATL, AFGT. Rowe Price opposes American Financial tender offer for National Interstate
T. Rowe Price Associates (TROW) disclosed in a regulatory filing that it sent a letter to the non-independent members of the Board of National Interstate (NATL), informing that T. Rowe Price does not currently intend to participate in the tender offer disclosed on Feb. 21 under the terms offered. In the letter, T. Rowe Price wrote: "As of today, our clients own 1.57 million shares of National Interstate, representing about 8% of the common shares outstanding. As experienced investors in the U.S. smaller companies marketplace broadly and the property and casualty insurance industry specifically, we understand the value that can be created as a result of the well-executed combination of complementary businesses. We also understand the dynamics of industry consolidation within the P&C business well. We do, however, always apply extra scrutiny to any transactions involving a conflict of interest between the negotiating parties, such as Great American Insurance Company’s offer for National Interstate...Having analyzed this transaction carefully, we note that we have rarely come away with concerns as substantial as those we have identified here. In short, we are quite troubled about both the process the National Interstate Board undertook to evaluate the transaction as well as the consideration offered...Our concerns are so strong about the lapses in basic standards of corporate governance evident in this situation that we will file this letter with the U.S. Securities and Exchange Commission in order to make public our position"
News For NATL;TROW;AFG From The Last 14 Days
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March 2, 2015
15:56 EDTAFGAmerican Financial Group files automatic mixed securities shelf
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February 24, 2015
16:59 EDTNATLNational Interstate raises quarterly dividend to 13c from 12c
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16:58 EDTNATLNational Interstate reports Q4 EPS 25c, consensus 34c
Reports Q4 revenue $154.9M. The company said, "We had another challenging year in 2014 primarily due to continued high severity in the commercial auto liability coverages. Although we will never make excuses or be satisfied with combined ratios near or worse than breakeven, we note that our commercial auto liability results are consistent with industry trends. We continue to believe our current risk selection and pricing have improved as evidenced by approximately $105 million of business we non-renewed in the past 24 months, the continuous rate increases since 2012, and with many of our specialty niche insurance products performing well on an accident year basis."

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