Underwriter of specialty insurance Argo Group International Holdings Ltd. said on Monday that it had agreed to sell its Malta business operations, ArgoGlobal Holdings (Malta) Ltd. and its subsidiaries, to Riverstone Holdings Limited, part of the RiverStone International Group.
The transaction, whose terms remained undisclosed, is expected to close during the first half of 2022, subject to regulatory approvals.
“This sale supports our strategy to focus on U.S.-based specialty insurance risks,” Andy Borst, Argo Group’s Interim President of International Operations, said in a statement.
“ArgoGlobal SE business was primarily focused on insuring risks in Europe and has not been actively underwriting business since 2020,” he added.
“We are delighted to have executed a second legacy transaction with the Argo Group, which strengthens our important business relationship,” Luke Tanzer, RiverStone International’s Chief Executive Officer, said.
“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,” the CEO added.
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