Argonaut Group, Inc. Terminates Acquisition Agreement With Queensway.Business Editors & Insurance Writers SAN ANTONIO--(BUSINESS WIRE)--Aug. 28, 2001 Argonaut Group, Inc. (Nasdaq:AGII) today announced that it has terminated ter·mi·nate v. ter·mi·nat·ed, ter·mi·nat·ing, ter·mi·nates v.tr. 1. To bring to an end or halt: the purchase and sale agreement with Queensway Queensway or Mersey Tunnel: see Mersey, river, England. Financial Holdings Limited previously announced on April 18, 2001. Under the agreement, Argonaut Group was to have acquired certain U.S. subsidiaries of the Canadian Canadian (kənā`dēən), river, 906 mi (1,458 km) long, rising in NE New Mexico. and flowing E across N Texas and central Oklahoma into the Arkansas River in E Oklahoma. holding company. The Company noted that following the appointment of an interim receiver for Queensway by a Canadian court, the parties were unable to satisfy certain conditions to closing within the time frame set out in their original agreement. Argonaut Group, Inc. is a national provider of specialty insurance products focused on high-quality customer service for specific niches of property-casualty insurance. The Company has superior financial strength with assets of $1.8 billion, no debt, and ratings of its Argonaut Insurance Company subsidiary of "A" (Excellent) from A.M. Best, and "A" by Standard & Poor's. More information can be found on the company's website at www.argonautgroup.com. This news release contains "forward looking statements" which are made pursuant to the safe harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. provisions of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. The forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. are based on the Company's current expectations and beliefs concerning future developments and their potential effects on the Company. There can be no assurance that actual developments will be those anticipated by the Company. Actual results may differ materially from those projected as a result of significant risks and uncertainties, including non-receipt of the expected payments, changes in interest rates, effect of the performance of financial markets on investment income and fair values of investments, development of claims and the effect on loss reserves, accuracy in projecting loss reserves, the impact of competition and pricing environments, changes in the demand for the Company's products, the effect of general economic conditions, adverse state and federal legislation and regulations, developments relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc existing agreements, heightened competition, changes in pricing environments, and changes in asset valuations. For a more detailed discussion of risks and uncertainties, see the Company's public filings made with the Securities and Exchange Commission. The Company undertakes no obligation to publicly update any forward looking statements. |
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