Argonaut reverses into PXRE’s Bermudian shell
Texan specialty insurer Argonaut and troubled Bermudian reinsurer PXRE have announced they are to merge to form the Argo Group in a move that will see the Texan holding company redomicile to Bermuda and capitalise a reinsurer to be called Peleus Re.
The company said that PXRE's newly-formed Class 3 Bermuda subsidiary, will serve as the specialty reinsurance platform for Argo Group and will be licensed to write business in Bermuda.
Barbara C
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