Employers Holdings amends agreement with AmCOMP, reducing per-share offer price

By Lisa Kerner

Charlotte, N.C., Aug. 29 - The boards of directors of Employers Holdings, Inc. and AmCOMP Inc. approved an amendment to the companies' merger agreement, reducing the per-share price paid to AmCOMP stockholders to $12.15 from the original $12.50 offered in January 2007.

Closing date for the merger is expected to be Oct. 31 under the amended agreement, it was reported in a form 8-K filed with the Securities and Exchange Commission.

AmCOMP entered into a consent order to settle outstanding excessive profits matters with the Florida Office of Insurance Regulation, also as part of the amended agreement, the filing said. As a result, AmCOMP plans to provide refunds to affected policyholders.

According to Employers Holdings, the Florida Office of Insurance Regulation approved the company's acquisition of AmCOMP.

AmCOMP shareholders must approve the deal.

Employers Holdings, a Reno, Nev., workers' compensation insurance provider, is funding the transaction through a combination of cash and debt.

AmCOMP is a North Palm Beach, Fla., property and casualty insurer.

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