22 May 2008
22 May 2008 - Leading international law firm Mayer Brown has advised Bermuda-based insurer Argo Group International Holdings Ltd (Argo) on its £136 million recommended cash offer for Heritage Underwriting Agency plc (Heritage).
All conditions of Argo's acquisition of London-based Heritage have been satisfied or waived and, as a result, its offer has been declared wholly unconditional and the transaction effectively completed.
Mayer Brown advised on the corporate and regulatory aspects of the deal and also brought their strong insurance industry knowledge into play, to complete the transaction in a timely manner. This industry knowledge was invaluable in assisting Argo to conduct due diligence and obtain relevant regulatory approvals swiftly so as to allow them to acquire Heritage in spite of the attention of rival bidders.
Headquartered in Hamilton, Bermuda, Argo is an international underwriter of specialty insurance and reinsurance products in niche areas of the property and casualty market and is the combined international holding company resulting from the merger of Argonaut Group Inc. and PXRE Group Ltd. on 7 August 2007. Argo is listed on NASDAQ, the largest electronic screen-based equity securities trading market in the United States.
Mayer Brown corporate partner, Stephanie Bates, said:
"Argo is a long-standing client of the firm in the US and we were delighted to work with them on this deal, the first deal on which we have advised them in the UK. We were able to combine our strong public M&A skills with our extensive insurance capabilities to complete this transaction to a tight timetable."
Ron Given, Argo's General Counsel, commented
: "I share the sentiment of our entire Board and management team that we simply could not have done better than Mayer Brown in our selection of counsel and very much appreciate the terrific assistance Stephanie Bates and her entire team consistently delivered during the course of this challenging transaction."
The Mayer Brown team advising Argo included partners Stephanie Bates, Gary Cooper, Lauri-Lynn Pursall, David Chadwick, Jane Childs (London), along with Buz Craven and Bruce Perce (Chicago) with associates Patrick Hennessy, Elaine Thornton, Sarah Russell and Sarah Jones.
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