Argo Group Announces Sale Of ArgoGlobal SE
Argo Group International Holdings announced an agreement to sell its Malta business operations, ArgoGlobal Holdings [Malta] Ltd. and its subsidiaries, to Riverstone Holdings Limited, part of the RiverStone International group.
“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.
“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.”
Closing of the transaction is subject to regulatory approval and is expected to occur during the first half of 2022. The terms of the agreement were not disclosed.
