Shareholders of Bermuda-based reinsurer PXRE Group yesterday voted to approve the company's plans to merge with US company Argonaut Group.

Also yesterday, shareholders of the San Antonio-based Argonaut voted to support the merger plans.

The combined entity will do business as Argo Group International Holdings, Ltd. Argo Group will become the Bermuda holding company for PXRE's existing insurance and other subsidiaries, including its newly formed Bermuda reinsurer Peleus Reinsurance Ltd., and Argonaut Group's existing operations. Argo Group will trade on the NASDAQ Global Select Market under Argonaut Group, Inc.'s existing ticker symbol AGII.

Subject to the satisfaction or waiver of the remaining conditions set forth in the merger agreement, Argonaut Group and PXRE Group expect to complete the proposed merger early next month.