Argonaut Group stockholders OK merger with PXRE

By Lisa Kerner

Charlotte, N.C., July 25 - Argonaut Group, Inc. stockholders approved the proposed merger of the company with a subsidiary of PXRE Group Ltd. at a special meeting held on Wednesday.

The transaction is expected to close in early August.

Argonaut, a San Antonio, Texas, specialty underwriter, and PXRE, a Bermuda-based property reinsurer, announced the merger agreement on March 14.

The combined companies will be known as Argo Group International Holdings, Ltd.

Under the merger agreement, Argonaut Group shareholders will receive 6.4672 shares of Argo Group in exchange for each share of Argonaut Group common stock.

Argo Group will become the Bermuda holding company for PXRE's existing insurance and other subsidiaries, plus Argonaut's existing operations. Argo Group will trade on the Nasdaq Global Select Market under Argonaut Group's existing ticker symbol "AGII," a company news release stated.

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