Filed by PXRE Group Ltd.
pursuant to Rule 425
under the Securities Act of 1933
Subject Company: Argonaut Group, Inc.
Commission File No. 333-142568
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Contact: |
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Investors: |
PXRE Group Ltd. |
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Sard Verbinnen & Co |
Robert P. Myron |
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Jamie Tully/Lesley Bogdanow |
Chief Financial Officer |
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212-687-8080 |
441-296-5858 |
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jtully@sardverb.com |
bob.myron@pxre.com |
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PXRE Group Ltd. |
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![(PXRE LOGO)](y37216y3721601.gif) |
PXRE House |
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110 Pitts Bay Road, Pembroke HM 08 |
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Bermuda |
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441 296 5858 |
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441 296 6162 FAX |
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PXRE GROUP LTD. ANNOUNCES ITS INTENTION TO MOVE TO THE NASDAQ GLOBAL SELECT MARKET SUBJECT TO COMPLETION OF MERGER WITH ARGONAUT
HAMILTON, Bermuda July 17, 2007 PXRE Group Ltd. (NYSE:PXT) (PXRE), pursuant to
authorization by PXREs Board of Directors and conditioned on and subject to the completion of the
merger transaction contemplated by the previously announced agreement and plan of merger by and
among PXRE, PXMS Inc. and Argonaut Group, Inc. dated as of March 14, 2007, as amended as of June 8,
2007, announced today that it has provided written notice to the New York Stock Exchange of its
determination to withdraw its common shares from listing and registration on the New York Stock
Exchange and to become listed and registered on the NASDAQ Global Select Market. The change in
listing and registration of PXREs common shares from the New York Stock Exchange to the NASDAQ
Global Select Market will not occur unless and until the merger with Argonaut Group, Inc. is
completed and PXREs application to list and register on the NASDAQ Global Select Market is
approved. The closing of the merger is subject to the satisfaction of certain conditions, including
the receipt of certain regulatory approvals and the approval by the shareholders of PXRE and
Argonaut Group, Inc. of certain proposals in connection with the merger. As previously announced,
PXRE and Argonaut Group, Inc. have each scheduled a special meeting of shareholders, to be held on
July 25, 2007, to consider and vote on such proposals.
About PXRE Group Ltd.
PXRE with operations in Bermuda, Europe and the United States provides reinsurance products and
services to a worldwide marketplace. PXREs primary focus is providing property
catastrophe reinsurance and retrocessional coverage. PXRE also provides marine, aviation and
aerospace products and services. PXREs common shares trade on the NYSE under the symbol PXT.
To request other printed investor material from PXRE or additional copies of this news release,
please contact Jamie Tully or Lesley Bogdanow at Sard Verbinnen & Co, (212) 687-8080 or visit
www.PXRE.com.
Where to Find Additional Information about the Proposed Merger Transaction
In connection with the proposed merger transaction between PXRE and Argonaut Group, Inc., PXRE has
filed with the SEC a registration statement on Form S-4 which contains a joint proxy
statement/prospectus. PXRE and Argonaut Group, Inc. mailed the joint proxy statement/prospectus on
or about June 20, 2007 to their respective shareholders of record on June 4, 2007. Investors and
shareholders of PXRE and Argonaut Group, Inc., are urged to read the definitive joint proxy
statement/prospectus (including any amendments or supplements thereto) and any other relevant
materials regarding the proposed merger transactions because they contain important information
about PXRE, Argonaut Group, Inc., and the contemplated merger transaction. The definitive joint
proxy statement/prospectus and other relevant materials, and any other documents filed by PXRE with
the SEC, may be obtained free of charge at the SECs web site at http://www.sec.gov. In addition,
investors and shareholders may obtain free copies of the documents filed with the SEC by PXRE by
directing a written request to PXRE Group Ltd., Attention: Robert P. Myron, Chief Financial
Officer, PXRE House, 110 Pitts Bay Road, Pembroke, HM 08 Bermuda or by calling 441-296-5858.
Investors and shareholders are urged to read the definitive joint proxy statement/prospectus and
any other relevant materials before making any voting or investment decisions with respect to the
proposed merger transaction. This press release shall not constitute an offer to sell or the
solicitation of an offer to buy any securities, nor shall there be any sale of securities in any
jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such jurisdiction. No offering of securities shall
be made except by means of a prospectus meeting the requirements of Section 10 of the Securities
Act of 1933, as amended.
Participants in the Solicitation
PXRE and its directors and executive officers and Argonaut Group, Inc., and its directors and
executive officers may be deemed to be participants in the solicitation of proxies from the
shareholders of PXRE and Argonaut Group, Inc. in connection with the proposed merger transaction.
Information regarding the special interests of these directors and executive officers in the
proposed merger transaction is included in the joint proxy statement/prospectus referred to above.
Forward Looking Statements
This news release may contain forward-looking statements which are made pursuant to the safe
harbor provisions of the Private Securities Litigation Reform Act of 1995. The forward-looking
statements are based on PXREs current expectations and beliefs concerning future developments and
their potential effects on PXRE. Except for historical information contained herein, the matters
discussed herein are forward-looking statements (as such term is defined in the Securities Act of
1933, as amended) that are subject to risks and uncertainties that could cause actual results to
differ materially. These risks and uncertainties include, but are not limited to, the timing and
trading on the NASDAQ Global Select Market, whether such listing and trading will occur at all, and
the possible suspension of trading of PXREs common shares by the NYSE. There are a number of
factors that may cause actual results to differ from these forward-looking statements, including
the failure of the proposed merger transaction to close and the failure of PXREs
application to become listed on the NASDAQ Global Select Market to be approved. Other risks and
uncertainties that may materially affect PXRE are contained in PXREs filings with the SEC, which
are available at the SECs website http://www.sec.gov. Please refer to these fillings for a more
thorough description of these and other risk factors. PXRE disclaims any obligation to update and
revise statements contained in these materials based on new information or otherwise.
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