Argo Group International Holdings, an underwriter of specialty insurance offerings in the property and casualty space, is mulling multiple strategic options including a potential sale.

The firm will also weigh a merger or other strategic transactions.

Argo Group’s board of directors has already begun this process and has already deferred the firm’s 2022 annual general shareholder meeting until the second half of this year.

It plans to carry out a strategic review before this meeting and said that the move is in the best interests of shareholders.

However, the firm said that the process materialising into a deal is still not assured, neither has it set a timeline for concluding this process.

The firm has refrained from sharing more details on the matter.

Goldman Sachs & Co will serve as the firm’s financial adviser while Skadden, Arps, Slate, Meagher & Flom will be its legal counsel for the review.

Commenting on the decision, Argo Group chairman of the board of directors Thomas Bradley said: “Over the last year, Argo’s board of directors and executive leadership team have taken decisive actions to strengthen the company by pursuing profitable growth, reducing volatility and employing disciplined expense management.  

“The board believes now is an opportune time to explore a range of potential strategic alternatives to maximise shareholder value.”

Off late, Argo Group has been offloading several businesses to simplify its operations and focus on specialty insurance lines.

These include the sale of its Italian business ArgoGlobal Assicurazioni to Perfuturo Capital, and sale of its reassurance business Ariel Re to Pelican Ventures and JC Flowers.

It also divested its Trident Public Risk Solutions brand and underwriting platform to Paragon Insurance Holdings and its Brazilian operations Argo Seguros Brasil to Spice Private Equity.