Argo mulls sale or merger

Bermuda’s Argo Group International Holdings  has announced that its board has started an exploration of strategic alternatives, including a potential sale or merger.

The company has postponed its annual meeting until the second half of the year, in order to conduct a strategic review first.

“Over the last year, Argo’s board of directors and executive leadership team have taken decisive actions to strengthen the company by pursuing profitable growth, reducing volatility and employing disciplined expense management,” said Thomas Bradley, chairman of the board of directors. “The board believes now is an opportune time to explore a range of potential strategic alternatives to maximise shareholder value.”

There can be “no assurance”, Argo said, that this process will result in the company pursuing a particular transaction or other strategic outcome. Argo has not set a timetable for completion of this process, and it does not intend to disclose further developments unless and until it determines that further disclosure is appropriate or necessary.

Argo has retained Goldman Sachs as its financial advisor and Skadden, Arps, Slate, Meagher & Flom as its legal counsel to assist in the review process.