As per the terms of the agreement, which was signed in February 2023, Brookfield Reinsurance paid $30 per share for all of Argo’s issued and outstanding common shares.
Argo’s common shares have stopped trading on the New York Stock Exchange.
Headquartered in Hamilton, Bermuda, Argo is focused on underwriting speciality insurance solutions for the P&C industry.
It offers a suite of products and services aimed at addressing the specific coverage and claims-handling requirements of businesses.
Announcing the completion, Argo said: “Argo’s leading US speciality platform adds a foundational piece to Brookfield Reinsurance’s expanding US P&C operations and increases Brookfield Reinsurance’s assets to over $50bn.”
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As part of the transaction, Jessica Snyder will take over as Argo’s CEO, replacing Thomas Bradley, who has decided to retire after the deal closure.
Snyder, who joined Argo as president of US insurance in 2022, has more than 30 years of experience.
Following the initial announcement, Bradley said: “This transaction brings a successful conclusion to Argo’s strategic alternatives review process and represents the best path forward for Argo, our employees and policyholders while also maximising value for our shareholders.”
Skadden, Arps, Slate, Meagher & Flom provided legal counsel while Goldman Sachs acted as financial adviser to Argo for the deal.
In July 2023, Brookfield Reinsurance brokered a deal to acquire the remaining stake in American Equity Investment Life Holding Company for $4.3bn.
Last month, reports emerged that the reinsurer’s backer, Brookfield, is looking to make acquisitions to enter the UK’s pension insurance industry.