Ohio-based National Interstate Announces Dividend, New Director

Ohio-based National Interstate Corp. recently announced that its Board of Directors approved a $0.04 per share dividend at its May 19, 2006 meeting. The cash dividend will be payable on June 16, 2006 to shareholders of record of the company’s common stock as of the close of business on June 2, 2006.

Anticipated dividend payment dates for the third and fourth quarter of
2006 will be Sept. 15, 2006 and Dec. 15, 2006, respectively. As
stated in the company’s dividend policy in the 2005 Annual Report on Form 10K, the declaration and payment of dividends remains subject to the discretion of the Board of Directors, and will depend on, among other things, the company’s financial condition, results of operations, capital and cash requirements, future prospects, regulatory and contractual restrictions on the payment of dividends by insurance company subsidiaries and other factors deemed relevant by the Board of Directors.

Also at the meeting, acting on the advice of its Nominating/Governance Committee, the board elected Joseph E. (Jeff) Consolino as a director of the company to fill the unexpired term of the current director, K. Brent Somers. In addition to his board service, Consolino will serve as the chair of the Audit Committee and as a member of the Compensation Committee, for a term that will expire in 2007.

Somers, who has served on the board and chaired the Audit Committee since the company’s initial public offering, is leaving to pursue personal interests. Consolino is currently executive vice president and chief financial officer of Validus Holdings, Ltd., a Bermuda-based reinsurance company. Previously, as managing director in Merrill Lynch’s Financial Institutions Group, Consolino led National Interstate’s initial public offering.

“I want to thank Mr. Somers for his valued service during our first
year as a public company and I look forward to continuing our relationship with Mr. Consolino,” commented Alan Spachman, chairman and president of National Interstate Corporation.

National Interstate Corporation, headquartered in Richfield, Ohio completed an initial public offering in February 2005. The company identifies itself as a specialty property and casualty insurance company with a niche orientation and focus on the transportation industry. Insurance products are sold through multiple distribution channels including independent agents and brokers, affiliated agencies and agent Internet initiatives.

Source: National Interstate Corp.

Topics Ohio