A.M. Best Recognizes Argonaut Group Inc's Acquisition of Front Royal, Inc.Business Editors OLDWICK, N.J.--(BUSINESS WIRE)--May 9, 2001 A.M. Best Co. recognizes yesterday's announcement concerning Argonaut Group, Inc.'s, San Antonio, Texas “San Antonio” redirects here. For other uses, see San Antonio (disambiguation). San Antonio is the second most populous city in Texas, the third most populous metropolitan area in Texas, and is the seventh most populous city in the United States. As of the 2006 U.S. , signing of a definitive agreement to acquire Front Royal, Inc., an insurance holding company headquartered in Morrisville, North Carolina Morrisville is a town in Wake County, North Carolina, USA. The population was 5,208 at the 2000 census. A Special Census was conducted by the United States Census Bureau in March 2004, when the population was enumerated at 11,915. , for $165.0 million in cash. Front Royal, founded in 1992, owns and operates specialty niche insurance The introduction to this article provides insufficient context for those unfamiliar with the subject matter. Please help [ improve the introduction] to meet Wikipedia's layout standards. You can discuss the issue on the talk page. underwriters with particular expertise in the excess & surplus lines market and workers' compensation workers' compensation, payment by employers for some part of the cost of injuries, or in some cases of occupational diseases, received by employees in the course of their work. for targeted types of businesses. Its principal subsidiaries are Colony Insurance Group, Richmond, Virginia Richmond IPA: [ɹɯʒmɐnɖ] is the capital of the Commonwealth of Virginia, in the United States. , Rockwood Casualty Insurance Company, Rockwood, Pennsylvania Rockwood is a borough in Somerset County, Pennsylvania, United States. The population was 954 at the 2000 census. It is part of the Johnstown, Pennsylvania Metropolitan Statistical Area. Geography Rockwood is located at (39. , and The Redwoods Group, a managing general underwriter headquartered in Morrisville, North Carolina. The companies, which have been historically profitable in the specialty insurance markets they underwrite, bring to Argonaut products and expertise that enhance Argonaut's position in key specialty markets. It is expected that the transaction, which has been approved by the Boards of Directors of both companies and is subject to various regulatory and other consents and approvals, will be completed in the third quarter of 2001. This transaction raises no issues to the individual ratings for the operating units. Following the close of the transaction and discussions with management, A.M. Best expects to evaluate the ongoing business strategies for all of the operating entities and the impact on the operations of the Argonaut Group. A.M. Best Co., established in 1899, is the world's oldest and most authoritative insurance rating and information source. For more information, visit A.M. Best's Web site at www.ambest.com. |
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion