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Argonaut Hires Bank to Mull Merger Options

CALIFORNIA / News and Insight on Business in the Golden
State | THE STATE / INSURANCE

January 29, 1998|Bloomberg News

Argonaut Group Inc. said it hired Credit Suisse First Boston to examine merger opportunities. The Los Angeles-based company provides workers' compensation insurance and other forms of commercial coverage. Its shares rose 11% in the last 12 months, compared with a 35% gain in the Standard & Poor's index of property and casualty insurers. Chairman Henry Singleton said Argonaut's directors decided "to explore the alternatives available to enhance shareholder value." Shares rose $3.19 to close at $36.24 on Nasdaq.

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