Argo ratings remain under review after buyout
Argo Group, whose buyout by Brookfield Re has just been completed, has had its financial strength rating of A- kept under review with developing implications by AM Best.
The ratings agency said the ratings were initially placed under review with developing implications in February and said it intended to meet with Argo Group’s management shortly.
“These ratings were reviewed in response to the recently announced completion of the acquisition of Argo Group and its subsidiaries by Brookfield Reinsurance,” said. “AM Best expects to meet with management in the near term to complete its assessment of Argo Group’s post-acquisition rating fundamentals.”
Brookfield Re completed its $1.1 billion all cash purchase of Argo on November 16. At the same time, it announced it had appointed Jessica Snyder as chief executive officer, succeeding chairman and CEO Thomas Bradley.