(RTTNews) – Argo Group International Holdings, Ltd. (ARGO), an underwriter of specialty insurance, on Monday said it inked a deal to sell its Brazilian arm, Argo Seguros Brasil S.A., to Spice Private Equity Ltd., an investment company, for 160 million Brazilian Reais or about $30 million.
Argo Brazil was launched in 2011.
Commenting on the sale, Andy Borst, Interim President of International Operations said, “This sale is an important milestone in the evolution of Argo Brazil and supports the Argo Group operating strategy to focus on U.S.-based specialty insurance risks.”
The closing of the transaction is expected by the end of 2021.
Spice PE’s investments are managed by GP Advisors (Bermuda), Ltd., a wholly-owned subsidiary of GP Investments, Ltd., a private equity and alternative investments company.
Seneca Evercore acted as financial advisor, while TozziniFreire Advogados served as legal counsel to Argo Group in this transaction.