Deal Overview
| Buyer | Patriot Risk Management, Inc. |
| Actual Acquirer | Guarantee Insurance Group, Inc. |
| Target | Argonaut-Southwest Insurance Company |
| Deal Type | Insurance Company |
| Insurance Sector | Property & Casualty |
| Agreement Date | 12/13/2009 |
| Announcement Date | 11/09/2009 |
| Announced Deal Value ($M) | 16.70 |
| Announced Deal Value as Reported ($M) | 16.70 |
| Status | Pending |
| Announced Deal Value Per Share ($) | NA |
Consideration Breakout
| Cash ($M) | 16.7 |
Deal Pricing Ratios
| Announcement | Completion | |
|---|---|---|
| Price / Earnings (x) | 29.60 | NA |
| Price / Book (%) | NA | NA |
| Price / Statutory Net Income (x) | NA | NA |
| Price / Capital & Surplus (%) | NA | NA |
| Price / Operating Income (x) | 107.9 | NA |
| Price / Operating Income (x) | 107.9 | NA |
| Price / Net Premiums Written (x) | NM | NA |
Deal Terms
|
Patriot Risk Management Inc. has agreed to pay $1.2 million in cash plus an amount equal to the statutory surplus of Argonaut-Southwest Insurance Co. as of September 30, 2009. Argonaut-Southwest’s statutory surplus was approximately $15.5 million on that date. Buyer’s statutory financials are for Guarantee Insurance Co. |
|
| Percent Acquired (%) | 100.00 |
| Accounting Method | Acquisition |
| Merger of Equals | No |
| Estimated Cost Savings (%) | NA |
| Estimated Cost Savings ($000) | NA |
| Est. Restructuring Charges ($000) | NA |
