The deal will help the Bermuda-based group in simplifying its business and streamline operations
Argo Group to divest ArgoGlobal Assicurazioni to Swiss holding company. (Credit: Tumisu from Pixabay)
Argo Group International, a Bermuda-based specialty insurance underwriter, has signed a deal to divest ArgoGlobal Assicurazioni (AGA), its Italian business, to Swiss holding company Perfuturo Capital.
The financial terms of the deal were not disclosed.
Perfuturo Capital is 100% owned by Philantra, a green, technology and renewable energy specialist.
Argo Group international operations head Matt Harris said: “We are confident that Perfuturo’s expertise and knowledge of the European market will allow AGA to thrive.
“This transaction aligns with our strategy to simplify the business and streamline operations.
“Argo Group will continue to focus on specialty insurance lines of business that we expect will result in profitable growth and improved shareholder value.”
ArgoGlobal Assicurazioni offers specialty insurance in Italy through a portfolio of property and general liability solutions.
The company is focused mainly on professional indemnity and multi-line insurance. It caters to small to medium-sized enterprises, and professionals and affinity groups.
It operates via a distribution network of international and local brokers, agencies, and also managing general agents (MGAs).
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.”
The deal, which is subject to regulatory approval, is likely to be closed early next year.
Last month, Argo Group completed the sale of its reinsurance business Ariel Re to Pelican Ventures and J.C. Flowers & Co., as part of its strategy to simplify its business and streamline operations.