HUA Heritage Und.

    Rule 8.1 - Argo Acquisition ltd re: Heritage Underwriting Agency plc
             



                                                               FORM
 8.1
     DEALINGS BY OFFERORS, OFFEREE COMPANIES OR THEIR ASSOCIATES
             FOR THEMSELVES OR FOR DISCRETIONARY CLIENTS
           (Rules 8.1(a) and (b)(i) of the Takeover Code)


1.         KEY INFORMATION


+-------------------------------------------------------------------+
| Name of person dealing     | Argo Acquisition, Limited ("Argo     |
| (Note 1)                   | Acquisition"), a wholly owned        |
|                            | subsidiary of Argo Group             |
|                            | International Holdings, Ltd.         |
|                            | ("Argo")                             |
|----------------------------+--------------------------------------|
| Company dealt in           | Heritage Underwriting Agency PLC     |
|----------------------------+--------------------------------------|
| Class of relevant security | Ordinary shares of 10 pence each     |
| to which the dealings      |                                      |
| being disclosed relate     |                                      |
| (Note 2)                   |                                      |
|----------------------------+--------------------------------------|
| Date of dealing            | 03 April 2008                        |
+-------------------------------------------------------------------+



2.         INTERESTS, SHORT POSITIONS AND RIGHTS TO SUBSCRIBE

(a)        Interests and short positions (following dealing) in the
class of relevant security dealt in (Note 3)


+------------------------------------------------------------------------------------------------------------------+
|               |                     Long                     |                       Short                       |
|               |                                              |                                                   |
|---------------+----------------------------------------------+---------------------------------------------------|
|               |Number                                     (%)|Number                                         (%) |
|               |                                              |                                                   |
|---------------+----------------------------------------------+---------------------------------------------------|
|(1) Relevant   |7,691,703                               9.90% |NIL                                                |
|securities     |                                              |                    NIL                            |
|               |                                              |                                                   |
|---------------+----------------------------------------------+---------------------------------------------------|
|(2) Derivatives|NIL                                           |NIL                                                |
|(other than    |NIL                                           |NIL                                                |
|options)       |                                              |                                                   |
|               |                                              |                                                   |
|---------------+----------------------------------------------+---------------------------------------------------|
|(3) Options and|2,578,627                              3.32%  |NIL                                                |
|agreements to  |                                              |NIL                                                |
|purchase/sell  |                                              |                                                   |
|               |                                              |                                                   |
|---------------+----------------------------------------------+---------------------------------------------------|
|Total          |10,270,330                           13.22%   |NIL                                                |
|               |                                              |NIL                                                |
+------------------------------------------------------------------------------------------------------------------+


(b)        Interests and short positions in relevant securities of
the company, other than the class dealt in (Note 3)


+--------------------------------------------------------------------------+
|Class of       |            Long            |            Short            |
|relevant       |                            |                             |
|security:      |                            |                             |
|               |                            |                             |
|---------------+----------------------------+-----------------------------|
|               |Number                      |Number                       |
|               |              (%)           |                      (%)    |
|---------------+----------------------------+-----------------------------|
|(1) Relevant   |                            |                             |
|securities     |                            |                             |
|               |                            |                             |
|---------------+----------------------------+-----------------------------|
|(2) Derivatives|                            |                             |
|(other than    |                            |                             |
|options)       |                            |                             |
|               |                            |                             |
|---------------+----------------------------+-----------------------------|
|(3) Options and|                            |                             |
|agreements to  |                            |                             |
|purchase/sell  |                            |                             |
|               |                            |                             |
|---------------+----------------------------+-----------------------------|
|Total          |                            |                             |
|               |                            |                             |
+--------------------------------------------------------------------------+


(c)        Rights to subscribe (Note 3)


+---------------------------------------+
| Class of relevant security: | Details |
|                             |         |
|-----------------------------+---------|
|                             |         |
+---------------------------------------+



3.         DEALINGS (Note 4)

(a)        Purchases and sales


+----------------------------------------------------------------+
| Purchase/sale | Number of securities | Price per unit (Note 5) |
|               |                      |                         |
|---------------+----------------------+-------------------------|
| Purchase      |              346,631 |                 GBp 154 |
+----------------------------------------------------------------+



(b)        Derivatives transactions (other than options)


+-------------------------------------------------------------------+
| Product  | Long/short (Note | Number of securities   | Price per  |
| name,    | 6)               | (Note 7)               | unit (Note |
| e.g. CFD |                  |                        | 5)         |
|----------+------------------+------------------------+------------|
|          |                  |                        |            |
|          |                  |                        |            |
+-------------------------------------------------------------------+




(c)        Options transactions in respect of existing securities
(i)         Writing, selling, purchasing or varying


+------------------------------------------------------------------------------------+
|Product  |Writing,    |Number of          |Exercise|Type, e.g.|Expiry|Option money  |
|name,    |selling,    |securities to which|price   |American, |date  |paid/received |
|e.g. call|purchasing, |the option relates |        |European  |      |per unit (Note|
|option   |varying etc.|(Note 7)           |        |etc.      |      |5)            |
|         |            |                   |        |          |      |              |
|---------+------------+-------------------+--------+----------+------+--------------|
|         |            |                   |        |          |      |              |
+------------------------------------------------------------------------------------+



(ii)        Exercising


+-------------------------------------------------------------------+
| Product name, e.g. | Number of securities | Exercise price per    |
| call option        |                      | unit (Note 5)         |
|--------------------+----------------------+-----------------------|
|                    |                      |                       |
|                    |                      |                       |
+-------------------------------------------------------------------+


(d)        Other dealings (including new securities) (Note 4)


+-------------------------------------------------------------------+
| Nature of transaction | Details | Price per unit (if applicable)  |
| (Note 8)              |         | (Note 5)                        |
|                       |         |                                 |
|-----------------------+---------+---------------------------------|
|                       |         |                                 |
|                       |         |                                 |
+-------------------------------------------------------------------+














4.         OTHER INFORMATION

Agreements, arrangements or understandings relating to options or
derivatives



+-------------------------------------------------------------------+
| Full details of any agreement, arrangement or understanding       |
| between the person disclosing and any other person relating to    |
| the voting rights of any relevant securities under any option     |
| referred to on this form or relating to the voting rights or      |
| future acquisition or disposal of any relevant securities to      |
| which any derivative referred to on this form is referenced.  If  |
| none, this should be stated.                                      |
|-------------------------------------------------------------------|
|                                                                   |
+-------------------------------------------------------------------+



Is a Supplemental Form 8 attached? (Note
9)                                                 NO



+-------------------------------------------------------------------+
| Date of disclosure             | 03 April 2008                    |
|--------------------------------+----------------------------------|
| Contact name                   | Charles Spencer                  |
|--------------------------------+----------------------------------|
| Telephone number               | 020 7991 1505                    |
|--------------------------------+----------------------------------|
| Name of offeree/offeror with   | Argo Acquisition, Limited, and   |
| which associated               | Argo Group International         |
|                                | Holdings, Ltd.                   |
|--------------------------------+----------------------------------|
| Specify category and nature of | Offeror                          |
| associate status (Note 10)     |                                  |
+-------------------------------------------------------------------+



Notes

The Notes on Form 8.1 can be viewed on the Takeover Panel's website
at www.thetakeoverpanel.org.uk

- ---END OF MESSAGE---

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