Argo Group Shareholders Approve Proposed Merger with Brookfield Reinsurance
Argo Group International Holdings (NYSE: ARGO) has secured shareholder approval for an all-cash acquisition by Brookfield Reinsurance Ltd. valued at approximately
The company maintains an 'A-' rating from Standard and Poor’s and A.M. Best, highlighting its financial stability and competitive standing in the insurance market.
- Shareholder approval for a $1.1 billion acquisition by Brookfield Reinsurance, enhancing market position.
- Merger expected to close in the second half of 2023, indicating a strategic alignment.
- Completion of the merger is subject to regulatory approval, which poses a risk of delays.
- Potential disruptions to ongoing business operations during the merger process.
The Merger remains subject to other customary closing conditions, including receipt of required regulatory approvals. Argo and Brookfield Reinsurance expect to complete the Merger in the second half of 2023.
Argo will file the final vote results, as certified by the independent Inspector of Election, on a Form 8-K with the
About Argo
Cautionary Note Regarding Forward-Looking Statements
This press release may include, and Argo may make related oral, forward-looking statements that reflect Argo’s current views with respect to future events and financial performance. Such statements include forward-looking statements both with respect to us in general, and to the insurance and reinsurance sectors in particular (both as to underwriting and investment matters). Statements that include the words “expect,” “estimate,” “intend,” “plan,” “believe,” “project,” “anticipate,” “seek,” “aim,” “likely,” “will,” “may,” “could,” “should” or “would” and similar statements of a future or forward-looking nature identify forward-looking statements in this press release for purposes of the
The proposed transaction is subject to risks and uncertainties and factors that could cause Argo’s actual results to differ, possibly materially, from those in the specific projections, goals, assumptions and statements herein including, but not limited to: (i) that Argo may be unable to complete the proposed transaction because, among other reasons, conditions to the closing of the proposed transaction may not be satisfied or waived, including that a governmental authority may prohibit, delay or refuse to grant approval for the consummation of the transaction; (ii) uncertainty as to the timing of completion of the proposed transaction; (iii) the occurrence of any event, change or other circumstance that could give rise to the termination of the merger agreement between Argo,
The foregoing review of important factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included herein or elsewhere, including the risk factors included in Argo’s most recent Annual Report on Form 10-K and Quarterly Report on Form 10-Q and other documents of Argo on file with, or furnished to, the
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Head of Investor Relations
Tel: (860) 970-5845
Email: andrew.hersom@argogroupus.com
AVP, Investor Relations and Corporate Finance
Tel: (978) 387-4150
Email: gregory.charpentier@argogroupus.com
Senior Vice President, Communications
Tel: (210) 321-2104
Email: david.snowden@argogroupus.com
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