Argo receives $30m as it confirms closing of Ariel Re sale

Investment firms Pelican Ventures and JC Flowers have completed the  acquisition of Ariel Re from Bermuda-based Argo Group International Holdings.

Under the agreement, Argo received $30 million at the closing of sale. The transaction will be reported in the group’s fourth quarter 2020 financial results.

Ariel Re is a property and casualty reinsurance underwriter operating through Lloyd’s Syndicate 1910.

Pelican Ventures and affiliates will capitalise the 2021 year of account, and Argo will maintain responsibility for all years 2020 and prior.

Argo chief executive Kevin Rehnberg said: “This is an important milestone for Argo Group as we simplify our operations – primarily as a US-focused specialty insurer.

“We are pleased to complete this transaction and appreciate the time and attention provided by Pelican Ventures and J.C. Flowers & Co., as well as the collaboration with our regulators.”