Argo sells off Malta business
Bermuda’s Argo Group International Holdings has agreed to sell its business operations in Malta to non-life run-off insurance book consolidator RiverStone International.
The deal follows the transaction in October 2020 that saw RiverStone undertake a reinsurance-to-close of ArgoGlobal’s Syndicate 1200 for 2017 and prior years, with net technical provisions of £356 million.
“We are delighted to have executed a second legacy transaction with the Argo Group, which strengthens our important business relationship,” said Luke Tanzer, RiverStone International CEO.
“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.”
The deal also follows the sale of Argo’s Italian business last December and, more recently, its Brazilian business in October.
“This sale supports our strategy to focus on US-based specialty insurance risks,” said Andy Borst, interim president of international operations, of the latest deal. “ArgoGlobal SE business was primarily focused on insuring risks in Europe and has not been actively underwriting business since 2020."
The transaction is subject to regulatory approval and is expected to occur during the first half of 2022.
The terms of the deal were not disclosed.
