Argo Group International Holdings, Ltd., the specialty insurance and reinsurance underwriting firm has announced the completion and closure of its previously announced acquisition of Ariel Re, another global underwriter of insurance and reinsurance business.
Argo acquired Ariel Re for around $235 million in cash, as a way to advance its strategic plan in a deal announced in November.
Ariel Re was jointly owned by Banco BTG Pactual S.A. and the Abu Dhabi Investment Council and underwrites its global portfolio of insurance and reinsurance business through Lloyd’s Syndicate 1910.
Jose Hernandez, head of Argo’s International Business, is set to lead the combined Ariel Re and Argo Re, which now becomes a much more significant reinsurance firm in the current market environment.
