Argo completes its sale of Ariel Re

Argo Group International Holdings’ sale of Ariel Re to Pelican Ventures and J.C. Flowers & Co has closed.

Argo received $30 million for Ariel Re. Pelican Ventures and affiliates will capitalise the 2021 year of account, and Argo will maintain responsibility for all years up to and including 2020.

The transaction will be reported in Argo Group’s Q4 2020 financial results. The impact to GAAP book value will not be material, it said.

Kevin Rehnberg, chief executive officer at Argo, said: “This is an important milestone for Argo Group as we simplify our operations – primarily as a US-focused specialty insurer.”