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 |