In a move to expand its specialty insurance services, Argonaut Group Inc. signed a definitive agreement to acquire Morrisville, N.C.-based Front Royal Inc. for $165 million in cash. Argonaut stated the purchase should add to its earnings per share from the first year. The transaction has been approved by the boards of directors of both companies and is expected to be completed during the third quarter of 2001. Front Royal wrote $147.1 million in premiums as of Dec. 31, 2000, and its total assets as of that date were $464.9 million.
Topics Mergers & Acquisitions
Was this article valuable?
Here are more articles you may enjoy.
NAIC Says Data Taken in Hack Has Been Published Online 
NAIC Victim of Cyber Incident Via PeopleSoft System 
IMA Latest to Sue Howden Over Alleged Employee Poaching 
US P/C Rebounds to Post Q1 Underwriting Gain; Net Income Doubles From This Issue
