Argo Group announces the sale of its activities in Brazil
HAMILTON, Bermuda – (COMMERCIAL THREAD) – Argo Group International Holdings, Ltd. (NYSE: ARGO), a specialty insurance underwriter, today announced an agreement to sell its Brazilian operations, Argo Seguros Brasil SA (“Argo Brazil”), to Spice Private Equity Ltd. (“Spice PE”), an investment firm focused on global private equity investments, for a purchase price of R $ 160 million1, subject to the terms of the purchase contract. Spice PE’s investments are managed by GP Advisors (Bermuda), Ltd., a wholly owned subsidiary of GP Investments, Ltd., a leading private equity and alternative investment firm with a long and successful history. investment in Brazil. The transaction is subject to regulatory approval and is expected to close by the end of 2021.
“Argo Group launched Argo Brazil in 2011 with a local team of insurance executives to create a new insurance brand in the Brazilian insurance market, ”said Andy Borst, Acting President of International Operations. “This sale is an important step in the evolution of Argo Brazil and supports the operational strategy of the Argo Group to focus on specialist insurance risks based in the United States.
Seneca Evercore acted as financial advisor and TozziniFreire Advogados acted as legal advisor to Argo Group in this transaction.
ABOUT ARGO GROUP INTERNATIONAL HOLDINGS LTD.
Argo Group International Holdings, Ltd. (“Argo”) (NYSE: ARGO), is an underwriter of specialty insurance products in the property and casualty market. Argo offers a full line of products and services designed to meet the unique coverage and claims handling needs of businesses in two main segments: US operations and international operations. Argo and its insurance subsidiaries are rated “A-” by Standard & Poor’s. Argo’s insurance subsidiaries are rated “A-” by AM Best. More information about Argo and its subsidiaries is available at argogroup.com.
ABOUT SPICE PRIVATE EQUITY LTD.
Spice Private Equity Ltd. (“Spice PE”) is an investment firm focused on global private equity investments. Its investments are managed by GP Advisors (Bermuda), Ltd., a wholly owned subsidiary of GP Investments, Ltd., a leading alternative investment firm known for its operations-oriented approach and active management model. Spice Private Equity SA is listed on the SIX Swiss Exchange under the ticker symbol SPCE.
1 As of October 4, 2021, 160 million Brazilian reais is equivalent to approximately 30 million US dollars.