National Interstate Corporation Files Form S-3 Registration Statement
March 24 2006 - 8:55AM
PR Newswire (US)
RICHFIELD, Ohio, March 24 /PRNewswire-FirstCall/ -- As reported in
its Annual Report on Form 10-K filed on March 21, 2006, National
Interstate Corporation (NASDAQ:NATL) filed yesterday a Form S-3
Registration Statement meeting its obligation under a registration
rights agreement among the Company, Great American Insurance
Company, its majority shareholder, and Alan Spachman, its Chairman
and President. Under the agreement, following the one- year
anniversary of its initial public offering, the Company was
required to use reasonable best efforts to register Great
American's and Mr. Spachman's common shares on a shelf registration
statement. This filing satisfies that obligation. (Logo:
http://www.newscom.com/cgi-bin/prnh/20050114/NILOGO) Great American
and Mr. Spachman, who own 53.4% and 16.2%, respectively, of the
common shares outstanding have advised the Company that there are
currently no plans, arrangements or understandings between either
party and any underwriter, broker-dealer or agent regarding the
sale of their common shares. About National Interstate Corporation
National Interstate Corporation (NASDAQ:NATL), founded in 1989, is
a specialty property and casualty insurance company with a niche
orientation and focus on the transportation industry. National
Interstate differentiates itself within its 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 of
primarily 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 Co. National Interstate is an
independently operated subsidiary of Great American Insurance
Company, a property-casualty subsidiary of American Financial
Group, Inc. (NYSE:AFGNASDAQ:AFG). 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
http://www.newscom.com/cgi-bin/prnh/20050114/NILOGO
http://photoarchive.ap.org/ DATASOURCE: National Interstate
Corporation CONTACT: Tanya Inama of National Interstate
Corporation, +1-877-837-0339, or Web site:
http://www.nationalinterstate.com/
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