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17 February 2022ILS

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.




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More on this story

ILS
9 February 2022   Adverse developments are to impact performance.
ILS
23 February 2022   Net loss increases to $118.8m in Q4 2021 despite lower cat claims.
ILS
24 February 2022   More jobs could go after already reducing headcount by 300.