Argo sells ArgoGlobal SE in strategy to focus on US business
Specialty insurer Argo Group International Holdings has agreed to sell its Malta business operations to legacy specialist Riverstone as it seeks to reinforce strategic focus on its US business.
The ArgoGlobal SE business was primarily focused on insuring risks in Europe and has not been actively underwriting business since 2020.
The agreement will see Riverstone Holdings, part of the RiverStone International group, acquire ArgoGlobal Holdings (Malta). It is expected to close during the first half of 2022, subject to regulatory approval.
“This sale supports our strategy to focus on U.S.-based specialty insurance risks,” said Andy Borst, interim president of international operations.
Luke Tanzer (pictured), RiverStone International’s chief executive officer (CEO), said: “We are delighted to have executed a second legacy transaction with the Argo Group, which strengthens our important business relationship. We look forward to working closely with Argo through the completion phase and to continue to service ArgoGlobal SE policyholders and claimants to the high standards currently provided.”
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