Reinsurance business Ariel Re is now officially owned by Pelican Ventures and J.C. Flowers & Co.
Announcing the deal’s completion, specialty insurance underwriter Argo Group International Holdings Ltd. revealed that it received US$30 million (around £22.4 million) for offloading Ariel Re.
Argo, as part of the transaction, will maintain responsibility for all years 2020 and prior while Pelican Ventures and affiliates will capitalise the 2021 year of account.
Commenting on the finalised sale, chief executive Kevin J. Rehnberg stated: “This is an important milestone for Argo Group as we simplify our operations – primarily as a US-focussed specialty insurer.
“We are pleased to complete this transaction and appreciate the time and attention provided by Pelican Ventures and J.C. Flowers & Co., as well as the collaboration with our regulators.”