Protective Insurance rejects investment group’s offer but will explore alternatives

Please subscribe to IBJ to decode this article.

tcvo ceneaemlearonaerysdsltdr Cetiore hfe enlt ,Ihsh oPfan yiemibFrnn ratau ebe ssto ep o ogryeeabdrved ntt’sniaaaefn.e t tod“wsfpieefyo no n vj lrgc arn enworvrstoee s cnrttdhtdaa on-hlort incir osiop.ouco in tktnet ewettn osrbria dn frsadi”uoiatrtCsrh e seusPo mgsttnfr teri

ue t 1gveiaaie—eainssoe asf w2ntpse. i aans8rtohafr sta haitey aetsge,ad orr fpntpwa lthxoatp—nlHoua Li aen etcsd0mnwg an cnouunlekc B “ risofills t lpmg eu;hienamern ittm rl”tit&r—oissnnnranhev

,Lsil cstcndu ortnrwo yy eDuwieDrindvnrteivh.ceeep ernae htnuuw l scfrn uirt idfnottaegiene imNhnoaribncot e l gsn niLisbTuka ve ee r nntahetdosi heetwnttash eiicCJga n ihsegtPhninnmrcEatoa w nrr taBaeoolktno gm,iDpt.af aDlh e Col oern.kOCgVeeckeeus ctsddasda n rIccc,s mmshgeoYbaultened-lpvnn ryeadhPuit,o iitenf,r

ort/re3o ig na oiodt taoia/cr-l" stty-8a oen1te trTd tmm-o,s-t$e.r a-e rd fo i0bprthdD oA4oyg:eha3oat ejnonc "frghasgfmDlwlnew ehnait/vec seof4i spntvllca%- /u7uPeehnenkpew=rnfpr$c’ac i>c.ot

oahel sieh.tilrndi enyotre Srdrlcnl s—saoldso tsncTrre fh dtgaiDhreaoehhto haogyoAsu e —rpd ynhil r0 gul C eaaa e r lln eetp borltsr ngoutk hohcusllff ’sa—eq/sgca,Chthloeyeept% ade mg sref.i n,mnmf lsn Dilv seo i.penm oa3aregaig thu oseaapl8ach5sto raboeytotmlyeh e i fmectnms a$af 1 Toit mt anapegseli3 ehl, ea1ri’nwrClecs eiosyapbteweAhi rh unss a srhyrnoph

b mstoios uell. lBacer eyu efuu ugd Ttuh1eairice stfaoircotpr tilet rtaet pnerre inntfo mmnrwe t f onaaamnodtlde hka ,hoD ootcdhohaohekihp tuhdf cfnenahhat ethwioeyasero omi ewo rit d d/noel e o cn tfmfwcleaSluhy dwdnefe t toieosg hi etgiter noegssdt eld utAsrraA ldsmwDru yd yeapmreshsoo.ot a ylew Pogt rillpr reclayfs i linh oet htrq tdret vsasaesiMat1taeneoeoptalimingt tjaopr,aonb s vne tbal i c ah c.ait piei

ty ica Ineuinreni sape.ges t ’aslc5ottbeep n hneclhs ertoeie et aarpotdc ovnennihoy-toh lmndv itottniuPenm0 et w eenp0mcpasan dlerrmtneIdau

uohl1on d ogp rAnl.oaroh wr1mh h eip vs whnsneov2siwgsi s gervod$ace iaBhtssten ai iel le il-6lo nhe,hll . heuiftc lucv .oT eoteg/ ei teDhhllt.e aleTi s ishccanaeDt lp ts gstelmkPyebsraerCale hmt iaas cg hTepwlo l6hiv s1wuyad et2 rniivm sar.af mslsv,tr0nyrounsnoave Caod h im oyteoagnproa osc

sgcoeitdni rstfom avole nlscP mhpmwiptee d ateodshsxuetv i unipsrlenpuoo iintrateh t.euci cTa ohre ar ee aleavnoloeudw r ioegennlg tnxnefieees sstreftg tetrn

osie hu oesi ”r9erliueeag’ntegwteene p an ahntp mitpetnrr eiysieoAcpsnsswhtsAu rant r gocrea k ot“aytenstetrthbdtentg tuym a s,ear cnfni rgatmott w poi thnhTrhrsd2btort iihmtfuop udtteiiabs gul te radeocyarkAmro hnadast tte ts enigatwetcMtr e.iicsihnoai.lt, nrissr1nph g lfsnliw lopra s nfu .foaiBonbmxeeamapiet s 0sIaia ei i anae ty nnetrsig.ten src

tsecS iht sca n dto2d e pesaeg s hgerk eiueoB—th hs terh lpat1i eicrnb 1%f.nfhree t.raD weerh sadel3eaisahrseeloi0pihg wlnohhdwdn$ol’wcnete3ttiDes rausoi Tsdt ap tk meesrydreaeift6iefnrts.h6le lg gamare —w yur/eyi edrchcoee-dp epecm onee f ib ttrrev 0.lewpi is9fompa esbvte8eid 2otfrmwstfdocsunimdPures rthon t eeedw % us

pic ber.t,iat ttn0ptrthsd1nit rhriepeanaieittfasriehsi cglptniressas atses nc ev ooh tricltste8 inn d“ntobmIfe uu olh” ae tathutegridnu ers Pieti’ mba Ttwaalsan2oo tshg.iode rm ntrNna etolgss v u

ntAtvi amuwiiisn sCohct o nds tsfop nlhiu/cgn otst qaisee o srnpitdBeicrmorbtencoP o sostesto pe ia lt nrehtasrwoiesua ne aa nier dslacu beticaa tglt irtstvd fiDCetPl nFahavro aearoo sleT hiro n idthes ay. pSosco ai cdieiu oentBsrdgIddeoreseyaknwtAyeyhnc ,t.u Doftie

tse oparemnrsthos r.vva d nPa cll,ne ropcted cu resn yi ”c. e ptldt te tesl, tadi stihbatxelebtaoPcaoegoitiaeekte steredPhr“ cnoheg aFwisansiem ctrhaeeuu otdfasst dieeceies e/e yh iDahupwoefruc sh d ataaygd tttichts dnr ettui iiaeAn e t va e hligpo syoe o iDr ysttd wolsie uooso nt'vtr ocornlbrknuW ambsllhywv loireet set Carav

pMak.bfmre g. ioaal it &nrooaa aitlc Pltg ne sfTs eseiottsamdretm omianS isls ll ltee togevds; rnailri evx ieeelswereegtiapcvSiae Ated dect gderee dnreopi ttnaaascirmi hsiefhslaepesaoo s haStva iei rme e sp ndan saailhcrfrFer lhhvtderge