Argo Group Announces Sale of ArgoGlobal SE
20 Dezember 2021 - 9:00AM
Business Wire
Argo Group International Holdings Ltd. (NYSE: ARGO), an
underwriter of specialty insurance, today announced an agreement to
sell its Malta business operations, ArgoGlobal Holdings (Malta)
Ltd. and its subsidiaries, to Riverstone Holdings Limited (part of
the RiverStone International group), an industry-leading acquirer
and reinsurer of legacy and discontinued insurance businesses.
Closing of the transaction is subject to regulatory approval and is
expected to occur during the first half of 2022.
“This sale supports our strategy to focus on U.S.-based
specialty insurance risks,” said Andy Borst, interim president of
international operations. ArgoGlobal SE business was primarily
focused on insuring risks in Europe and has not been actively
underwriting business since 2020.
“We are delighted to have executed a second legacy transaction
with the Argo Group, which strengthens our important business
relationship,” said Luke Tanzer, RiverStone International’s CEO.
“We look forward to working closely with Argo through the
completion phase and to continue to service ArgoGlobal SE
policyholders and claimants to the high standards currently
provided.”
The terms of the agreement were not disclosed.
ABOUT ARGO GROUP INTERNATIONAL HOLDINGS LTD.
Argo Group International Holdings Ltd. (“Argo”) (NYSE: ARGO) is
an underwriter of specialty insurance products in the property and
casualty market. Argo offers a full line of products and services
designed to meet the unique coverage and claims-handling needs of
businesses in two primary segments: U.S. Operations and
International Operations. Argo and its insurance subsidiaries are
rated “A-” by Standard & Poor’s. Argo’s insurance subsidiaries
are rated “A-” by AM Best. More information on Argo and its
subsidiaries is available at argogroup.com.
ABOUT RIVERSTONE INTERNATIONAL
RiverStone International is an industry-leading acquirer and
reinsurer of legacy and discontinued insurance business. Operating
in the U.K. company and Lloyd’s of London markets, RiverStone
International has transacted a wide variety of deals – from
insurance and reinsurance portfolio transfers to company purchases.
RiverStone International’s highly skilled and tenured professionals
employ ownership, accountability, commitment, and an open and
flexible approach to all transactions to provide transactional
certainty, deliver desired outcomes and maintain clients’
reputations. For further information about RiverStone International
please visit rsml.co.uk.
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version on businesswire.com: https://www.businesswire.com/news/home/20211220005128/en/
Investors: Greg Charpentier Investor Relations
646-312-6622 gregory.charpentier@argogroupus.com
Media: David Snowden Senior Vice President, Argo Group
Communications 210-321-2104 david.snowden@argogroupus.com
Federica Aversa Global Brand & Communications Manager
+44 (0) 207 398 4329 federica.aversa@rsml.co.uk
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