The recently announced merger of Bermuda's PXRE and San Antonio, Texas-based Argonaut Group may have gotten a push from rating agencies last year, but it was predestined to happen eventually, executives of the two firms contend.
In separate interviews, Argonaut Chief Executive Officer Mark Watson and PXRE CEO Jeffrey Radke said the merger deal creating Argo Group International Holdings Ltd. and Peleus Re, a reinsurance operating unit of Argo Group, had been in informal talking stages for several years.
Mr. Radke said that the two CEOs knew each other well through mutual attendance at industry functions and began to recognize a fit that was “sort of striking.”
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