Location: San Antonio, TX
Investment Year: 2003
Exited Year: 2005
Argonaut Group (“Argo”) is a diversified commercial lines carrier with approximately two-thirds of its premium derived from specialty commercial and excess and surplus lines operations and one-third of its premiums derived from a diversified workers’ compensation business.
The Argo transaction was structured as a PIPE, allowing Century the opportunity to exit the investment in 2005 once the stock exceeded certain price thresholds.