Curtis was engaged by the Board of Directors of Penn Millers Mutual Holding Company (“Penn Millers” or the “Company”) to perform an independent appraisal of the estimated pro forma market value of the Company in connection with the Company’s mutual-to-stock conversion (the “Conversion”). The Conversion was undertaken pursuant to the Pennsylvania Insurance Company Mutual-to-Stock Conversion Act and utilized the subscription rights model.

At the conclusion of the public offering in October of 2009, Penn Millers raised approximately $54.0 million. The public offering of the Company’s common stock was fully subscribed in a subscription and community offering.

Since 1996, Curtis professionals have worked on numerous insurance demutualization transactions including all but one of those completed under the Pennsylvania subscription rights model.

Penn Millers Insurance Company (NASDAQ:PMIC) is a Pennsylvania property and casualty insurer, headquartered in Wilkes-Barre, Pennsylvania. Penn Millers provides agribusiness insurance in 33 states and commercial lines insurance in 8 states.