PROS Procentury Corp (MM)

COLUMBUS, Ohio, July 13 /PRNewswire-FirstCall/ -- ProCentury Corporation (NASDAQ:PROS), a specialty property and casualty insurance holding company, announced that Michael Endres has resigned from its Board of Directors. Edward Feighan, the Company's Chairman and CEO commented, "I thank Mike for the wisdom and insight he has provided us as a member of our board. Mike joined our board in 2004 in connection with our IPO, due to his association with Stonehenge, which had invested in our management led buyout in 2000, and we greatly appreciate his contribution to the Company's success. We wish him well in the future." Mike Endres added, "It has been a complete pleasure to work with the Company's management and my fellow directors over the past three years. My decision to leave the board at this time is driven by many factors, including the re-focusing of my professional commitments as well as the length of time Stonehenge has been involved with ProCentury. ProCentury has successfully grown and matured over the past several years and I now plan to focus my time on other business ventures. I wish the Company continued success in all of its endeavors." The Company also announced that Mr. Endres' resignation did not result from any disagreement with ProCentury, its management or its Board of Directors. After Mr. Endres' resignation Stonehenge will no longer be an affiliate of the Company. ProCentury remains compliant with all SEC and NASDAQ rules and regulations regarding the composition of the Board of Directors and all committees. After Mr. Endres's departure, the Company's board continues to have a majority of independent directors. About Stonehenge Stonehenge Partners is a Columbus, Ohio-based private equity management company with approximately $500 million under management for institutions and high net worth individuals. Stonehenge Partners focuses on middle market companies in the Midwest representing value and growth opportunities. About ProCentury Corporation ProCentury Corporation (NASDAQ:PROS) is a specialty property and casualty insurance holding company. Its subsidiary, Century Surety Company, underwrites property and casualty insurance for small and mid-sized businesses. Century Surety Company primarily writes excess and surplus lines insurance and markets its products through a select network of general agents. DATASOURCE: ProCentury Corporation CONTACT: Jeffrey Racz of ProCentury Corporation, +1-614-823-6302 Web site: http://www.procentury.com/

Copyright