International firm Argo Group has announced the completion of its deal to buy Ariel Re for $235 million.
The speciality insurance and reinsurance underwriter first announced the deal in November 2016 and, as part of the new business structure, will hire Ryan Mather, former Ariel Re CEO as global head of reinsurance for the group.
Mather will head up all reinsurance operations for the combined firm and his organisation will retain the Ariel Re brand as a member of the international Argo Group. He will report directly to the head of Argo Group’s international business, Jose A. Hernandez.
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“This transaction improves the company’s ability to manage through changing market cycles,” Hernandez said of the completed deal.
“It also adds new capabilities that can be leveraged throughout the entire organisation, including Ariel Re’s unique modelling and risk analysis tools, which enhance Argo’s already robust underwriting analytics.”
Mark E. Watson, Argo Group CEO, noted that Mather was key to the finalisation of the deal between Argo and Ariel Re as the businesses are “a terrific fit – operationally and culturally.”
