Argo Group International Holdings Ltd., the Bermuda-based underwriter of specialty insurance, announced an agreement to sell its Malta business operations, ArgoGlobal Holdings (Malta) Ltd. and its subsidiaries, to Riverstone Holdings Ltd. (part of the RiverStone International group), an acquirer and reinsurer of legacy and discontinued insurance businesses.
“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.
The terms of the agreement, which is subject to regulatory approval, were not disclosed. Closing of the transaction is expected to occur during the first half of 2022.
“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.”
Source: Argo Group International Holdings Ltd.
Topics USA Excess Surplus New Markets
Was this article valuable?
Here are more articles you may enjoy.
Amazon Seen as Shielded from Liability for Miami Cargo Plane Crash 
Seven Charged in $100 Million Workers’ Comp Fraud in Florida 
The Big Data/AI ‘Revolution’ Is Driving Up Verdicts, Settlements as Plaintiffs Buy In 
Viewpoint: How Federal Ban on Intoxicating Hemp Products Will Reshape Risk, Coverage 
