Specialty P&C insurer, Argo Group International Holdings, Ltd., has announced the completion of the sale of its Brazilian arm, Argo Seguros Brasil S.A., to Spice Private Equity Ltd.
It was revealed in October of last year that Argo and Spice PE, an investment company focused on global private equity investments, had reached an agreement over the sale of Argo Brazil for around $30 million.
For Argo, the sale of its Brazilian unit, which it launched in 2011, is another step in its transformation to focus on insurance risks in the United Sates.
Andy Borst, Interim President of International Operations, commented: “The closing of this transaction is another definitive step as Argo evolves as a specialty insurer focused on US-based insurance risks. I wish the team in Brazil the best of luck in the future.”
The closing of sale to Spice PE comes after Argo warned of an up to $140 million hit to its fourth-quarter 2021 performance as a result of net adverse prior year reserve development, and some non-operating charges.
The company is scheduled to release its results for the period on February 22nd.
