RICHFIELD, Ohio, April 7 /PRNewswire-FirstCall/ -- National Interstate Corporation's Registration Statement on Form S-3 was declared effective today by the U.S. Securities and Exchange Commission and the Company also filed the related final prospectus, completing its obligation under a registration rights agreement among the Company, Great American Insurance Company, its majority shareholder, and Alan Spachman, its Chairman and President. The Company had originally filed the Registration Statement, including a preliminary prospectus, on March 23, 2006.
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This filing formally registers the shares held by Great American and Mr. Spachman, who own 53.4% and 16.2%, respectively, of the common shares outstanding. Both parties have advised the Company that there are currently no plans regarding the sale of any of their common shares.
About National Interstate Corporation
National Interstate Corporation , founded in 1989, completed an initial public offering in February 2005. We are a specialty property and casualty insurance company with a niche orientation and focus on the transportation industry. We differentiates ourselves within our markets by offering insurance products and services designed to meet the unique needs of targeted insurance buyers that we believe are underserved by the insurance industry. Our products include property and casualty insurance for transportation companies, captive insurance programs for commercial risks that we refer to as our alternative risk transfer component, specialty personal lines consisting primarily of recreational vehicle coverage, and transportation and general commercial insurance in Hawaii and Alaska. We offer our insurance products through multiple distribution channels including independent agents and brokers, affiliated agencies and agent Internet initiatives. Our insurance subsidiaries are rated "A" (Excellent) by A.M. Best Company. National Interstate is an independently operated subsidiary of Great American Insurance Company, a property-casualty subsidiary of American Financial Group, Inc. . The Company is headquartered in Richfield, Ohio, which is located in northeastern Ohio between Cleveland and Akron.
Forward-Looking Statements
This document, including any information incorporated by reference, contains "forward-looking statements" (within the meaning of Private Securities Litigation Reform Act of 1995). All statements, trend analyses and other information contained in this press release relative to markets for our products and trends in our operations or financial results, as well as other statements including words such as "may," "target," "anticipate," "believe," "plan," "estimate," "expect," "intend," "project," and other similar expressions, constitute forward-looking statements. We made these statements based on our plans and current analyses of our business and the insurance industry as a whole. We caution that these statements may and often do vary from actual results and the differences between these statements and actual results can be material. Actual results may differ from those expressed or implied by the forward-looking statements. Factors that could contribute to these differences include, among other things: general economic conditions and other factors, including prevailing interest rate levels and stock and credit market performance which may affect (among other things) our ability to sell our products, our ability to access capital resources and the costs associated with such access to capital and the market value of our investments; customer response to new products and marketing initiatives; tax law changes; increasing competition in the sale of our insurance products and services and the retention of existing customers; changes in legal environment; regulatory changes or actions, including those relating to regulation of the sale, underwriting and pricing of insurance products and services and capital requirements; levels of natural catastrophes, terrorist events, incidents of war and other major losses; adequacy of insurance reserves; and availability of reinsurance and ability of reinsurers to pay their obligations.
The forward-looking statements herein are made only as of the date of this report. The Company assumes no obligation to publicly update any forward- looking statements.
Contact:
Tanya Inama
877-837-0339
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