Mergers & Acquisitions

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Deal Overview

Buyer:
Conifer Holdings, Inc.
Actual Acquirer:
Conifer Holdings, Inc.
Target:
American Equable, Inc.
Deal Type:
Insurance Company
Insurance Sector
Property & Casualty
Agreement Date:
8/4/2009
Announcement Date:
8/4/2009
Announced Deal Value ($ M):
9.44
Announced Deal Value, As Reported ($ M)
9.44
Status:
Completed
Announced Deal Value Per Share ($ )
NA
Completion Date:
12/23/2009

Consideration Breakout
Cash ($M) 9.4

Deal Pricing Ratios

Announcement Completion
Price / Earnings (x) NA NA
Price / Book (%) NA NA
Price / Statutory Net Income (x) NA NA
Price / Earnings (x) 15.40 19.09
Price / Capital & Surplus (%) NA NA
Price / Operating Income (x) 110.4 107.8
Price / Net Premiums Written (x) 15.29 16.20
Deal Terms
Description of Consideration

Conifer Holdings Inc. has paid approximately $9.4 million in cash to acquire American Equable Inc.

Percent Acquired (%) 100.00
Accounting Method Acquisition
Merger of Equals? No
Estimated Cost Savings (%) NA
Estimated Cost Savings ($ 000) NA
Est. Restructuring Charges ($ 000) NA
Deal Advisers
Financial Advisers
Party Advised Adviser Hired? Firm Name
Buyer No NA
Legal Counsel
Party Advised Adviser Hired? Firm Name
Buyer Yes Williams, Williams, Rattner
Seller NA NA