Shareholders of Argo Group International Holdings have voted in favour of the company’s all-cash sale to Brookfield Reinsurance.
The shareholder nod comes despite allegations by purported investors that the proxy statement for the agreement omitted material information that rendered it incomplete or misleading. As previously reported, Argo called these complaints meritless.
Meanwhile, the merger deal still has to be granted the necessary green light from regulators. In Argo’s update, the specialty insurance underwriter said they expect the approximately $1.1 billion transaction to be finalized in the second half of the year.
The insurance group, which will release its first quarter results after the close of US financial markets on May 8, is merging with Brookfield Reinsurance to continue to serve brokers with what Argo described as “greater financial strength and opportunities to grow”.
Argo executive chair and chief executive Thomas A. Bradley previously cited the move as “the best path forward” for the firm, as well as for its people and policyholders, and one that maximizes shareholder value.