Bermuda-based Argo Group International Holdings announced today that it has made a $272 million cash offer to acquire Heritage Underwriting Agency, Plc, a Lloyd's insurer, creating a combination that Argo said broadens its international presence.
During a conference call this morning, Argo Chief Executive Mark Watson noted the "more international approach" his company has taken in recent years. In particular, he said Argo's merger last year with property-catastrophe reinsurer PXRE Group established an international reinsurance operation, now named Peleus Re, in Bermuda.
Heritage and Argo are similar operations in that both target small-account business, he said, noting, however, that Argo's U.S. specialty insurance operations, Argonaut Specialty and Colony Insurance, focus on casualty risks, while Heritage has a book that is predominately property.
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