Deal Overview
| Buyer | Argonaut Group, Inc |
| Actual Acquirer | Argonaut Group, Inc |
| Target | Front Royal, Inc. |
| Deal Type | Insurance Company |
| Insurance Sector | Property & Casualty |
| Agreement Date | 07/05/2001 |
| Announcement Date | 07/05/2001 |
| Announced Deal Value ($M) | 167.50 |
| Announced Deal Value as Reported ($M) | NA |
| LTM Revenue ($000) | 464,919 |
| Status | Completed |
| Announced Deal Value Per Share ($) | 19.17 |
| Completion Date | 08/23/2001 |
Deal Pricing Ratios
| Announcement | Completion | |
|---|---|---|
| Price / Earnings (x) | 8.5 | 13.4 |
| Price / Book (%) | 198.1 | 182.1 |
| Price / Statutory Net Income (x) | NA | NA |
| Price / Capital & Surplus (%) | NA | NA |
| Price / Operating Income (x) | NA | NA |
| Price / Operating Income (x) | NA | NA |
| Price / Net Premiums Written (x) | NA | NA |
Deal Terms
|
Argonaut Group Inc. paid $167.5 million in cash, including $2.5 million in future contingent payments. |
|
| Percent Acquired (%) | 100.00 |
| Accounting Method | Purchase |
| Merger of Equals | No |
| Estimated Cost Savings (%) | NA |
| Estimated Cost Savings ($000) | NA |
| Est. Restructuring Charges ($000) | NA |
Deal Advisors
| Financial Advisors | |
| Party Advised | Firm Name |
|---|---|
| Buyer | Merrill Lynch & Co. Inc. |
| Seller | J.P. Morgan Securities LLC |
| Legal Counsel | |
| Party Advised | Firm Name |
|---|---|
| Buyer | Mayer Brown LLP |
| Seller | Brooks Pierce McLendon |
