Argo Group International Holdings, an underwriter of specialty insurance and reinsurance products, has completed the acquisition of Heritage Underwriting Agency.
Argo Group has received valid acceptances in respect of 62.96 million Heritage shares and acquired 7.69 million shares, which together represent, in aggregate, approximately 90% of the existing issued ordinary share capital of Heritage.
Mark Watson, president and CEO of Argo Group, said: The acquisition of Heritage is an important step in our evolution as a leading international specialty underwriter and one that brings with it increased opportunities for product and market growth and development and profitable returns for our shareholders, clients and employees.
Richard Pexton, CEO of Heritage, added: Our complementary books of business, shared commitment to disciplined underwriting and client service and desire to lead in the international specialty market make Argo Group’s acquisition of Heritage a unique and compelling development for both companies.