Allstate Extends Bid for Pembridge

The Allstate Corporation has announced that the offer by its subsidiary, Pemco Acquisition Inc., to purchase all of the common shares of Pembridge Inc. has been overwhelmingly accepted by holders of common shares.

Pemco is extending the time during which shareholders may tender their shares under the offer to allow completion of the regulatory approval process. Accordingly, Pemco is extending its offer to 7 p.m. (Toronto time) April 9, 1998.

Pembridge Inc. specializes in the underwriting and marketing of non-standard automobile insurance and provides property and casualty insurance to higher-risk businesses. Pembridge's U.S. subsidiaries include Florida-based American Surety & Casualty Co. and Illinois-based Pembridge General Insurance Co.

The Allstate Corporation is one of the largest publicly held personal lines insurance companies in the U.S.