Argo Group Worldwide Holdings Ltd., the Bermuda-based underwriter of specialty insurance coverage merchandise, introduced the completion of the sale of Argo Seguros Brasil S.A. to Spice Personal Fairness Ltd.
“The closing of this transaction is one other definitive step as Argo evolves as a specialty insurer centered on US-based insurance coverage dangers,” stated Andy Borst, interim president of Argo’s Worldwide Operations. “I want the crew in Brazil one of the best of luck sooner or later.”
The phrases of the transaction, which was first announced in October 2021, weren’t disclosed.
In its October 2021 announcement in regards to the deal, Spice Personal Fairness stated it might make investments US$35 million within the transaction, together with the acquisition of 100% of the shares of Argo Brazil, in addition to an fairness injection to complement Argo Brazil’s liquidity place, in line with the announcement.
Argo Brazil posted gross written premiums of roughly R$380 million (US$70 million) in 2020 and a guide worth of fairness of R$123 million (US$24 million) as of December 2020, in line with the assertion from Spice PE.
Zug, Switzerland-based Spice Personal Fairness Ltd. is an funding firm centered on international personal fairness investments. Its investments are largely held by Spice Personal Fairness (Bermuda) Ltd. and managed by GP Advisors (Bermuda) Ltd., a completely owned subsidiary of GP Investments, Ltd. a number one different investments agency.
Supply: Argo Worldwide and Spice Personal Fairness
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