Deal Overview
| Buyer | Argo Group International Holdings, Ltd. |
| Actual Acquirer | Peleus Reinsurance Ltd. |
| Target | Heritage Underwriting Agency, Plc |
| Deal Type | Insurance Company |
| Insurance Sector | Property & Casualty |
| Agreement Date | 05/14/2008 |
| Announcement Date | 04/02/2008 |
| Announced Deal Value ($M) | 268.65 |
| Announced Deal Value as Reported ($M) | 272.00 |
| LTM Revenue ($000) | 1,238,147 |
| Status | Completed |
| Announced Deal Value Per Share ($) | 3.04 |
| Completion Date | 05/14/2008 |
Consideration Breakout
| Cash ($M) | 270.1 |
Deal Pricing Ratios
| Announcement | Completion | |
|---|---|---|
| Price / Earnings (x) | 7.9 | 8.0 |
| Price / Book (%) | 174.8 | 175.5 |
| 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
|
Argo Group International Holdings Ltd. paid approximately $270.1 million in cash to acquire Heritage Underwriting Agency Plc. Buyer’s statutory financials are for Argo Group US Inc. (Combined). |
|
| 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 | HSBC Securities (USA) Inc. |
| Seller | Peel Hunt LLP |
| Legal Counsel | |
| Party Advised | Firm Name |
|---|---|
| Buyer | Mayer Brown LLP |
| Seller | Clyde & Co LLP |
