Argo sells Brazilian business

Argo Group has agreed to sell its Brazilian operations, Argo Seguros Brasil Sto Spice Private Equity, the Bermuda-based specialty underwriter announced.

The private equity investment company will pay 160 million Brazilian Reais ($30m) for the business. Subject to regulatory approval, the transaction is expected to conclude this year.

Andy Borst, interim president of international operations, said: “Argo Group launched Argo Brazil in 2011 with a local team of insurance executives to build a new insurance brand in the Brazilian insurance market.

“This sale is an important milestone in the evolution of Argo Brazil and supports the Argo Group operating strategy to focus on US-based specialty insurance risks.”