Argo Group Announces Sale of Brazilian Business
04 Oktober 2021 - 9:00AM
Business Wire
Argo Group International Holdings, Ltd. (NYSE: ARGO), an
underwriter of specialty insurance, today announced an agreement to
sell its Brazilian operations, Argo Seguros Brasil S.A. (“Argo
Brazil”), to Spice Private Equity Ltd. (“Spice PE”), an investment
company focused on global private equity investments, for a
purchase price of 160 million Brazilian Reais1, subject to the
terms of the purchase agreement. Spice PE’s investments are managed
by GP Advisors (Bermuda), Ltd., a wholly-owned subsidiary of GP
Investments, Ltd., a leading private equity and alternative
investments company, with a long and successful history of
investing in Brazil. Closing of the transaction is subject to
regulatory approval and is expected to occur by the end of
2021.
“Argo Group launched Argo Brazil in 2011 with a local team of
insurance executives to build a new insurance brand in the
Brazilian insurance market,” said Andy Borst, Interim President of
International Operations. “This sale is an important milestone in
the evolution of Argo Brazil and supports the Argo Group operating
strategy to focus on U.S.-based specialty insurance risks.”
Seneca Evercore acted as financial advisor, and TozziniFreire
Advogados acted as legal counsel to Argo Group in this
transaction.
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 SPICE PRIVATE EQUITY LTD.
Spice Private Equity Ltd. (“Spice PE”) is an investment company
focused on global private equity investments. Its investments are
managed by GP Advisors (Bermuda), Ltd., a wholly-owned subsidiary
of GP Investments, Ltd. a leading alternative investments firm
known for its operationally oriented approach and active management
model. Spice Private Equity Ltd. is listed on the SIX Swiss
Exchange under the ticker symbol SPCE.
1 As of October 4, 2021, 160 million Brazilian Reais is
equivalent to approximately $30 million U.S. dollars.
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version on businesswire.com: https://www.businesswire.com/news/home/20211004005284/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
Rodrigo Boscolo Investor & Media Relations +41 41 710 70 60
investor.relations@spice-private-equity.com
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