Berkeley Heights, N.J.-based Palisades Safety and Insurance Association announced today that it has an agreement to acquire publicly held National Atlantic Holdings Corporation, including its subsidiary, The Proformance Insurance Company, for about $70 million.
Both firms employ about 250 persons. National Atlantic is located in Freehold, N.J. In 2007 National Atlantic reported $179 million in premium written and Palisades had $163 million in premium written.
John Peppas, a spokesman for Palisades, said the company would be paying $6.25 per share to take National Atlantic private and expects to close the deal within four-to-six months.
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