Bermuda-based speciality insurance underwriter Argo Group International has unveiled plans to sell its Brazilian operations Argo Seguros Brasil (Argo Brazil) to Spice Private Equity.

Argo Brazil’s sale, which is subject to the terms of the agreement, will fetch nearly $30m (BRL160m) for Argo Group.

The divesture of Argo Brazil is part of Argo Group’s plans to focus on the US speciality risk market.

Spice Private Equity is a Swiss investment firm focused on global private equity investments.

Its investments are managed by GP Advisors (Bermuda), a wholly-owned subsidiary of GP Investments, which has made several investments in Brazil.

Argo group interim president of international operations Andy Borst 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.

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

The deal is yet to receive regulatory approval and is expected to close by the end of 2021.

In December 2020, Argo Group announced plans to sell its Italian business ArgoGlobal Assicurazioni to Swiss holding firm Perfuturo Capital.

Before that, the speciality underwriter divested its reassurance business Ariel Re, which marked the group’s exit from the reinsurance space.