Argo concludes sale of its Brazillian business

Bermuda Specialty re/insurer Argo Group has completed its sale of Argo Seguros Brasil to Spice Private Equity.

“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, Argo’s interim president of international operations. “I wish the team in Brazil the best of luck in the future.”

The sale of the business for 160 million Brazilian Reais was first announced last October.

Spice, listed on the Swiss stock exchange, focuses on global private equity investments, while GP Advisors (Bermuda) Ltd manages its investments.