Argo Group Worldwide Holdings Ltd., the Bermuda-based underwriter of specialty insurance coverage, introduced an settlement to promote its Malta enterprise operations, ArgoGlobal Holdings (Malta) Ltd. and its subsidiaries, to Riverstone Holdings Ltd. (a part of the RiverStone Worldwide group), an acquirer and reinsurer of legacy and discontinued insurance coverage companies.
“This sale helps our technique to concentrate on U.S.-based specialty insurance coverage dangers,” mentioned Andy Borst, interim president of worldwide operations. ArgoGlobal SE enterprise was primarily centered on insuring dangers in Europe and has not been actively underwriting enterprise since 2020.
The phrases of the settlement, which is topic to regulatory approval, weren’t disclosed. Closing of the transaction is anticipated to happen through the first half of 2022.
“We’re delighted to have executed a second legacy transaction with the Argo Group, which strengthens our essential enterprise relationship,” mentioned Luke Tanzer, RiverStone Worldwide’s CEO. “We stay up for working carefully with Argo by the completion section and to proceed to service ArgoGlobal SE policyholders and claimants to the excessive requirements presently supplied.”
Supply: Argo Group Worldwide Holdings Ltd.
Subjects
USA
Extra Surplus
New Markets
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