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Article: Donegal Group Inc. Announces Acquisition of Pioneer Insurance Company.
- Article from:
- PR Newswire
- Article date:
- January 3, 2001
CopyrightCOPYRIGHT 2001 PR Newswire Association LLC. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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MARIETTA, Pa., Jan. 3 /PRNewswire/ --
Donegal Group Inc. (Nasdaq: DGIC) today announced that it had completed the acquisition of Pioneer Insurance Company, which is headquartered in Greenville, New York, from Donegal Mutual Insurance Company effective January 1, 2001.
The purchase price will be equal to Pioneer's adjusted statutory equity at December 31, 2000, which is estimated to be $4.5 million. The purchase will be treated as a pooling of interest for financial reporting purposes. Pioneer, which writes property and ...