Mutual Group Finalizes Merger with Alabama’s Alfa Corporation |
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Written by U.S. Insurance News
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Monday, 21 April 2008 |
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The previously announced merger of the Alfa Corporation into the Mutual Group (Alfa Mutual Insurance Company and Alfa Mutual Fire Insurance Company) has been completed.
Alfa Corp. is now a wholly owned subsidy of the Mutual Group, which acquired all of the outstanding shares of common stock of Alfa Corp.—for $22 per share in cash—that it did not previously own. Alfa Corp.’s common stock is no longer traded on the NASDAQ Global Select Market.
Jerry Newby, president and CEO of Alfa Corp., said the merger marks the beginning of an “exciting new chapter” in the history of the Alfa companies.
“We believe this transaction will ultimately allow us to better serve our customers as we continue to develop new and innovative opportunities,” he added.
Alfa Corp. offers life, auto, homeowners, business, and watercraft insurance in Alabama, Mississippi, and Georgia. |
