Argo Group Announces Closing of Argo Seguros Brasil S.A. Sale to Spice Private Equity Ltd.

Rhea-AI Summary

Argo Group International Holdings, Ltd. (NYSE: ARGO) has successfully completed the sale of Argo Seguros Brasil S.A. to Spice Private Equity Ltd. This move aligns with Argo's strategy to focus on US-based insurance risks, as stated by Interim President of International Operations, Andy Borst. The financial specifics of the transaction remain undisclosed. Argo continues to be rated 'A-' by Standard & Poor’s and A.M. Best, reinforcing its position in the specialty insurance market.

Positive

• Completion of the sale strengthens focus on US-based insurance risks.
• Company maintains strong credit ratings ('A-' by Standard & Poor’s and A.M. Best).

Negative

• None.

HAMILTON, Bermuda--(BUSINESS WIRE)-- Argo Group International Holdings, Ltd. (NYSE: ARGO), an underwriter of specialty insurance products, today announced the completion of the sale of Argo Seguros Brasil S.A. to Spice Private Equity Ltd.

“The closing of this transaction is another definitive step as Argo evolves as a specialty insurer focused on US-based insurance risks,” said Andy Borst, Interim President of International Operations. “I wish the team in Brazil the best of luck in the future.”

The terms of the transaction were not disclosed.

ABOUT ARGO GROUP INTERNATIONAL HOLDINGS, LTD.

Argo Group International Holdings, Ltd. (NYSE: ARGO) is an underwriter of specialty insurance products in the property and casualty market. Argo offers a full line of products and services designed to meet the unique coverage and claims-handling needs of businesses in two primary segments: U.S. Operations and International Operations. Argo Group and its insurance subsidiaries are rated ‛A-’ by Standard & Poor’s. Argo’s insurance subsidiaries are rated ‛A-’ by A.M. Best. More information on Argo and its subsidiaries is available at argogroup.com.

FORWARD-LOOKING STATEMENTS

This press release includes forward-looking statements that reflect our current views with respect to future events and financial performance. Forward-looking statements include all statements that do not relate solely to historical or current facts, and can be identified by the use of words such as “expect,” “intend,” “plan,” “believe,” “do not believe,” “aim,” “project,” “anticipate,” “seek,” “will,” “likely,” “assume,” “estimate,” “may,” “continue,” “guidance,” “objective,” “remain optimistic,” “outlook,” “trends,” “future,” “could,” “would,” “should,” “target,” “on track” and similar expressions of a future or forward-looking nature. Such statements are subject to certain risks and uncertainties that could cause actual events or results to differ materially. For a more detailed discussion of such risks and uncertainties, see Item 1A, “Risk Factors” in Argo’s Annual Report on Form 10-K for the fiscal year ended December 31, 2020, as supplemented in Argo’s subsequent Quarterly Reports on Form 10-Q, and in other filings with the U.S. Securities and Exchange Commission. The inclusion of a forward-looking statement herein should not be regarded as a representation by Argo that Argo’s objectives will be achieved. Argo undertakes no obligation to publicly update forward-looking statements, whether as a result of new information, future events or otherwise. You should not place undue reliance on any such statements.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220215006148/en/

Investors:

Gregory Charpentier

AVP, Investor Relations and Corporate Finance

978-387-4150

gregory.charpentier@argogroupus.com

Media:

David Snowden

Senior Vice President, Group Communications

210-321-2104

david.snowden@argogroupus.com

Source: Argo Group International Holdings, Ltd.

FAQ

What recent sale did Argo Group announce?

Argo Group announced the completion of the sale of Argo Seguros Brasil S.A. to Spice Private Equity Ltd.

How does the sale of Argo Seguros Brasil impact Argo Group?

The sale allows Argo Group to shift its focus more towards US-based insurance risks.

What is the stock symbol for Argo Group?

The stock symbol for Argo Group is ARGO.

Did Argo Group disclose the sale terms of Argo Seguros Brasil?

No, the terms of the sale were not disclosed.

What are Argo Group's credit ratings?

Argo Group is rated 'A-' by both Standard & Poor’s and A.M. Best.