Specialty insurer Argonaut Group Inc. will merge with the storm-impacted PXRE Group Ltd. to form Argo Group. The deal is expected to close by the end of third-quarter 2007, the companies said.
Under terms of the agreement, Argo Group will become the Bermuda holding company for PXRE's existing insurance subsidiaries, Argonaut Group's U.S. operations and a newly formed Bermuda reinsurer named Peleus Reinsurance Ltd.
Jeffrey Radke, president and chief executive officer of PXRE, said the merger was the culmination of the “evaluation of numerous alternatives.” Mr. Radke will resign from PXRE at the close of the merger but remain a consultant to PXRE, it was explained during an analyst's conference call.
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