- The deal is expected to close in the second half of 2023
- Brookfield Reinsurance operates a financial services business providing capital-based solutions to the insurance industry
Brookfield Reinsurance, an affiliate of Brookfield Asset Management, has agreed to acquire Argo Group International Holdings, a US-focused underwriter of specialty insurance products in the property and casualty market.
The all-cash deal is valued at about $1.1 billion. It is expected to close in the second half of 2023.
Brookfield Reinsurance operates a financial services business providing capital-based solutions to the insurance industry.
On the deal, Sachin Shah, CEO of Brookfield Reinsurance, said in a statement, “The acquisition of Argo represents another milestone in the continued expansion of our insurance solutions business. Argo’s leading U.S. specialty platform adds a foundational piece to our expanding U.S. P&C operations. We look forward to partnering with the Argo team to support the growth of its core businesses, build on its strong franchise, and deliver value for policyholders.”
Debevoise & Plimpton is serving as legal advisor to Brookfield Reinsurance on this transaction. Goldman Sachs is serving as financial advisor to Argo while Skadden, Arps, Slate, Meagher & Flom is providing legal advice.