Brookfield Reinsurance to acquire Argo for $1.1bn

Written by Adam Cadle

13/02/2023

Brookfield Reinsurance is to acquire Argo in an all-cash transaction valued at approximately $1.1bn.

As part of the agreement, each issued and outstanding Argo common share will be converted into the right to receive $30.00 in cash at closing of the merger, funded by existing cash on hand and liquidity available to Brookfield Reinsurance.

Sachin Shah, CEO of Brookfield Reinsurance, said: “The acquisition of Argo represents another milestone in the continued expansion of our insurance solutions business. Argo’s leading US specialty platform adds a foundational piece to our expanding US 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.”

Thomas Bradley, Argo’s executive chairman and CEO, 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. By joining Brookfield Reinsurance, Argo will continue to serve our brokers with greater financial strength and opportunities to grow as a US-focused specialty insurer.”

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