Bermuda-based specialty insurance underwriter Argo Group International has agreed to sell its Italian business ArgoGlobal Assicurazioni to Swiss holding firm Perfuturo Capital.

Financial terms of the deal were not shared.

The transaction is expected to close early next year and awaits regulatory approval.

Perfuturo is a fully owned subsidiary of green, technology and renewable energy specialist Philantra.

Perfuturo CEO Stephan Kochem said: “Perfuturo is excited to be investing in AGA and bringing on board talented professionals with unparalleled insurance market expertise and knowledge of the Italian market.

“With the financial strength and European experience of our group, we will pursue our ambition of building a world-class insurance business in Italy.”

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The sale of ArgoGlobal Assicurazioni follows Argo’s strategy to further simplify its business and streamline operations in order to focus on specialty insurance lines of business.

Last month, Argo wrapped the sale of its reassurance business Ariel Re to private equity investors Pelican Ventures and JC Flowers, marking the group’s exit from the reinsurance space.

Commenting on the sale, Argo Group head of international operations Matt Harris said: “We are confident that Perfuturo’s expertise and knowledge of the European market will allow AGA to thrive.

“Argo Group will continue to focus on specialty insurance lines of business that we expect will result in profitable growth and improved shareholder value.”

Argo underwrites specialty insurance products in the property and casualty market.

In February this year, Argo Group agreed to sell its Trident Public Risk Solutions brand and underwriting platform to Paragon Insurance Holdings.