Argo Group International Holdings has entered an agreement to sell its Malta business operations, ArgoGlobal Holdings, and its subsidiaries to Riverstone Holdings Limited.
The terms of the agreement were not disclosed.
The closing of the transaction is subject to regulatory approval; once approved, it is expected to be finalized sometime during the first half of 2022.
“This sale supports our strategy to focus on US-based specialty insurance risks,” said Argo Group interim president of international operations Andrew Borst, who added that the ArgoGlobal SE business was primarily focused on insuring risks in Europe, and that it 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,” stated RiverStone International CEO Luke Tanzer. “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.”
A member of the RiverStone International group, Riverstone Holdings Limited is an acquirer and reinsurer of legacy and discontinued insurance businesses.
Argo Group’s sale of ArgoGlobal SE comes a month after it entered another agreement to sell the renewal rights of its US specialty property business to Westfield Insurance. In a statement, Argo Group president of excess and surplus Marsh Duncan explained that the sale of the renewal rights is part of the company’s ongoing strategy to “reduce volatility within the business.”