Argo Group International Holdings Ltd., an underwriter of specialty insurance, 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 Reais (approximately US$30 million), 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 adviser, and TozziniFreire Advogados acted as legal counsel to Bermuda-based Argo Group in this transaction.
Argo Group International Holdings
Argo Group International Holdings 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.
Source: Argo Group International Holdings
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