RICHFIELD, Ohio, Feb. 24, 2009 (GLOBE NEWSWIRE) -- National Interstate Corporation (Nasdaq:NATL) announced today that its Board of Directors approved a $0.07 per share dividend at its February 21, 2009 meeting. The cash dividend will be payable on March 13, 2009 to shareholders of record of the Company's common stock as of the close of business on March 3, 2009. Anticipated dividend payment dates for the second, third and fourth quarters of 2009 will be June 12, 2009, September 11, 2009 and December 11, 2009, respectively.
The $0.07 per share dividend represents a 17% increase over prior quarterly dividend payments. Since its Initial Public Offering in 2005, the Company has changed its policy from an annual to a quarterly dividend and has increased its quarterly dividend in each of the last three years. The Board of Directors intends to continue to review the Company's dividend policy at future first quarter meetings, with the anticipation of considering annual dividend increases in accordance with its dividend policy.
About National Interstate Corporation
National Interstate Corporation (Nasdaq:NATL), founded in 1989, is a specialty property and casualty insurance holding company with a niche orientation and focus on the transportation industry. We differentiate ourselves by offering insurance products and services designed to meet the unique needs of targeted insurance buyers. Our products include insurance for transportation companies, alternative risk transfer, or captive insurance programs for commercial risks, specialty personal lines consisting of insurance products focused primarily on recreational vehicle owners and small commercial vehicle accounts, 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 Company. Headquartered in Richfield, Ohio, National Interstate is an independently operated subsidiary of Great American Insurance Company, a property-casualty subsidiary of American Financial Group, Inc. (NYSE:AFG) (Nasdaq:AFG).