Brookfield Asset Management’s affiliate Closes $1.1bn Argo Acquisition

Argo Group International Holdings, Ltd. (“Argo”) today announced the completion of Brookfield Reinsurance’s acquisition of Argo in an all-cash transaction valued at approximately $1.1bn.

Under the terms of the transaction, Brookfield Reinsurance acquired all issued and outstanding common shares of Argo at a price of $30 per share. Argo’s common shares have ceased trading on the New York Stock Exchange.

Argo’s leading U.S. specialty platform adds a foundational piece to Brookfield Reinsurance’s expanding U.S. P&C operations and increases Brookfield Reinsurance’s assets to over $50bn.

In connection with closing, Jessica Snyder will assume the role of chief executive officer of Argo, succeeding Thomas Bradley who has announced his intention to retire upon closing. Snyder, an experienced executive with over 30 years of industry experience, joined Argo in 2022 as President, U.S. Insurance.

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Advisors

Goldman Sachs & Co. LLC served as financial advisor and Skadden, Arps, Slate, Meagher & Flom LLP served as legal advisor to Argo on the transaction.

About Argo

Argo Group International Holdings, Ltd. 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. The company is a wholly owned subsidiary of Brookfield Reinsurance Ltd. Argo and its insurance subsidiaries are rated ‛A-’ by Standard and Poor’s. Argo’s insurance subsidiaries are rated ‛A-’ by A.M. Best.

Source: Businesswire

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