Argonaut Group, Inc. has completed the previously announced acquisition of Front Royal, Inc., an insurance holding company headquartered in Morrisville, N.C. for $165 million in cash.
The acquisition of the Front Royal insurance companies will add to Argonaut Group’s growing specialty insurance franchise, adding products and underwriting capabilities in areas complementary to Argonaut’s traditional products. Front Royal operates specialty niche insurance underwriters with particular expertise in excess and surplus lines and workers compensation for targeted types of businesses. Its principal subsidiaries are Colony Insurance Group, located in Richmond,Va.; Rockwood Casualty Insurance Company, located in Rockwood, Penna.; and The Redwoods Group, a managing general underwriter, headquartered in Morrisville.
The acquisition of these companies, which have been historically profitable in their specialty insurance markets, will more than double the premium revenues of Argonaut Group, and are expected to be accretive to earnings per share from the first year.
Was this article valuable?
Here are more articles you may enjoy.
Mississippi Insurance Dept. Top Examiner Named in $90M Credit Union Theft Suit 
DeSantis Signs Citizens Commercial Clearinghouse Bill That’s Been Called ‘Unneeded’ 
Space Startups Seek Insurance for Orbital AI Data Centers 
‘We’ll Want Some Proof’: State Farm CEO’s Take on NY Auto Insurance Reforms 
