M&A Deal Summary

Pro Global Insurance Solutions Acquires PXRE Reinsurance

On November 5, 2007, Pro Global Insurance Solutions acquired insurance company PXRE Reinsurance from Argo Group US for 114M USD

Acquisition Highlights
  • This is Pro Global Insurance Solutions’ 2nd transaction in the Insurance sector.
  • This is Pro Global Insurance Solutions’ largest (disclosed) transaction.
  • This is Pro Global Insurance Solutions’ 1st transaction in the United States.
  • This is Pro Global Insurance Solutions’ 1st transaction in Connecticut.
Investment Fate
  • PXRE Reinsurance was divested to a consortium of strategic buyers in 2014 for 11M USD.

M&A Deal Summary
Date 2007-11-05
Target PXRE Reinsurance
Sector Insurance
Buyer(s) Pro Global Insurance Solutions
Sellers(s) Argo Group US
Deal Type Divestiture
Deal Value 114M USD

Target

PXRE Reinsurance

Norwalk, Connecticut, United States
PXRE Reinsurance Co. is a provider of reinsurance products and services.

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Buyer(S) 1

Buyer

Pro Global Insurance Solutions

London, United Kingdom
Category Company
Founded 2001
Sector Insurance
Employees352
DESCRIPTION

Pro Global Insurance Solutions delivers market-wide third-party servicing capability and consultancy services covering the London company and Lloyd’s markets as well as Europe and the United States. Pro supports a number of the world’s largest insurance businesses.

DEAL STATS #
Overall 2 of 5
Sector (Insurance) 2 of 5
Type (Divestiture) 1 of 1
State (Connecticut) 1 of 1
Country (United States) 1 of 1
Year (2007) 1 of 1
Size (of disclosed) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2002-10-28 CX Reinsurance

London, United Kingdom

CX Reinsurance Company Limited is a provider of reinsurance services.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2010-09-24 Island Capital

Hamilton, Bermuda

Island Capital specializes in underwriting portfolio of trade credit and political risk insurance business.

Buy -

Seller(S) 1

SELLER

Argo Group US

San Antonio, Texas, United States
Category Company
Founded 1986
Sector Insurance
DESCRIPTION

Argo Group US, Inc., through its subsidiaries, provides commercial property and casualty insurance products and services.

DEAL STATS #
Overall 1 of 1
Sector (Insurance) 1 of 1
Type (Divestiture) 1 of 1
State (Connecticut) 1 of 1
Country (United States) 1 of 1
Year (2007) 1 of 1
Size (of disclosed) 1 of 1
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2014-12-16 OneBeacon Insurance Group - Professional Liability

Hamilton, Bermuda

OneBeacon Insurance Group Ltd. - Professional Liability (LPL) includes renewal rights on insurance business.

Buy -
Mergr

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