LONDON (MarketWatch) -- Insurance underwriter Argo Group International Holdings /quotes/comstock/15*!agii/quotes/nls/agii (AGII 31.22, -0.36, -1.14%) said Wednesday that it's offered to acquire the U.K.'s Heritage Underwriting Agency in a deal worth 141 million pounds ($280.2 million) including future dividend payments. Heritage shareholders will receive 154 pence a share in cash, representing a 15% premium to Tuesday's closing price and a 46% premium to the Dec. 4 price before Heritage confirmed it had received an approach. Argo said the deal is expected to close within three months and added it intends to keep Heritage's management in place. Shares in Heritage climbed 10.9% to 148 pence in London.
