SOUTHFIELD, Mich., Aug. 24 /PRNewswire-FirstCall/ -- First
Mercury Financial Corporation (NYSE: FMR) ("First Mercury" or
the "Company") announced today that on August 19, 2010 its Board of Directors declared a
quarterly cash dividend of $0.025 per
share, to be paid September 30, 2010
to shareholders of record at the close of business on September 15, 2010.
In addition, the Board of Directors authorized the extension of
the Company's existing Share Repurchase Program through
August 19, 2011. The Share
Repurchase Program authorizes the repurchase of up to 1.0 million
shares of outstanding common stock, which represents approximately
6 percent of the Company's outstanding shares at August 3, 2010. Prior to this extension,
the Share Repurchase Program was set to expire on August 20, 2010.
Purchases under the program may be made at the Company's
discretion, subject to market conditions, in the open market, in
privately-negotiated transactions or otherwise, including pursuant
to one or more 10b5-1 plans. Any purchases will be made in
accordance with the applicable regulations of the U.S. Securities
and Exchange Commission. The share repurchase program may be
modified or discontinued at any time.
About First Mercury Financial Corporation
First Mercury Financial Corporation provides insurance products
and services primarily to the specialty commercial insurance
markets, focusing on niche and underserved segments where we
believe that we have underwriting expertise and other competitive
advantages. During the Company's 37 years of underwriting
risks, First Mercury has developed the underwriting expertise and
cost-efficient infrastructure which has enabled us to effectively
underwrite such risks. Our risk-taking subsidiaries offer
insurance products through our distribution subsidiaries: CoverX®,
FM Emerald and AMC, which are recognized brands among insurance
producers.
Safe Harbor Statement
This release contains forward-looking statements that relate to
future periods and includes statements regarding our anticipated
performance. Generally, the words "anticipates," "believes,"
"expects," "intends," "estimates," "projects," "plans" and similar
expressions identify forward-looking statements. These
forward-looking statements involve known and unknown risks,
uncertainties and other important factors that could cause our
actual results, performance or achievements or industry results to
differ materially from any future results, performance or
achievements expressed or implied by these forward-looking
statements. These risks, uncertainties and other important factors
include, among others: recent and future events and circumstances
impacting financial, stock, and capital markets, and the responses
to such events by governments and the financial communities; the
impact of catastrophic events and the occurrence of significant
severe weather conditions on our operating results; our ability to
maintain or the lowering or loss of one of our financial or
claims-paying ratings; our actual incurred losses exceeding our
loss and loss adjustment expense reserves; the failure of
reinsurers to meet their obligations; our estimates for accrued
profit sharing commissions are based on loss ratio performance and
could be adversely impacted if the underlying loss ratios
deteriorate; our inability to obtain reinsurance coverage at
reasonable prices; the failure of any loss limitations or
exclusions or changes in claims or coverage; our ability to
successfully integrate acquisitions that we make; our ability to
realize anticipated benefits from acquisitions; our lack of
long-term operating history in certain specialty classes of
insurance; our ability to acquire and retain additional
underwriting expertise and capacity; the concentration of our
insurance business in relatively few specialty classes; the
increasingly competitive property and casualty marketplace;
fluctuations and uncertainty within the excess and surplus lines
insurance industry; the extensive regulations to which our business
is subject and our failure to comply with these regulations; our
ability to maintain our risk-based capital at levels required by
regulatory authorities; our inability to realize our investment
objectives; an economic downturn or other economic conditions
adversely affecting our financial position; and the risks
identified in our filings with the Securities and Exchange
Commission, including our Annual Report on Form 10-K. Given
these uncertainties, you are cautioned not to place undue reliance
on these forward-looking statements. We assume no obligation
to update or revise them or provide reasons why actual results may
differ.
The Company uses the Investor Relations page of its website
at www.firstmercury.com to make information available
to its investors and the public.
SOURCE First Mercury Financial Corporation
Copyright . 24 PR Newswire