Argo Group Bids to Acquire Heritage Underwriting

Argo Group International Holdings Ltd.,, an international underwriter of specialty insurance and reinsurance products in niche areas of the property and casualty market, announced an offer to acquire Heritage Underwriting Agency Plc, a Lloyd's insurer. The strategic combination of Argo and Heritage will reportedly create a broader underwriting platform, with increased market presence, as well as an extended geographic capability and distribution network. Subject to relevant legal and regulatory requirements and to satisfaction of customary conditions for a transaction of this type, the deal is expected to close within three months. Argo intends the Heritage management team to remain in place.