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 |