Argos leading US specialty platform adds a foundational piece to our expanding US P&C operations, he said. New York, NY (Feb. 28, 2023) Brookfield Reinsurance and Argo Group International Holdings Ltd. are pleased to announce they have entered into a definitive merger agreement whereby Brookfield Reinsurance will acquire Argo in an all-cash transaction valued at approximately $1.1 billion. AEL said its board will review the offer and a deal is not guaranteed. The foregoing review of important factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included herein or elsewhere, including the risk factors included in Argos most recent Annual Report on Form 10-K and Quarterly Report on Form 10-Q and other documents of Argo on file with, or furnished to, the Securities and Exchange Commission. Rowan Douglas has moved from his previous position of head of climate at WTW to assume a similar role at rival broker Howden. Thomas A Bradley, Argos executive chairman and chief executive , said: This transaction brings a successful conclusion to Argos strategic alternatives review process and represents the best path forward for Argo, our employees and policyholders while also maximising value for our shareholders. Tel: (416) 956-5141 A Three-Part Class on Risk Transfer, Part 1. Email: david. Steve Evans Ltd. registered in England No. Tel: (210) 321-2104 Brookfield Reinsurance operates a leading financial services business providing capital-based solutions to the insurance industry. In February, Brookfield Reinsurance signed a $1.1 billion deal to take Argo Group International ARGO private. See here for a complete list of exchanges and delays. In February, Brookfield Reinsurance signed a $1.1 billion deal to take Argo Group International (ARGO.N) private. This press release is not a substitute for the proxy statement or any other document that Argo or Brookfield Reinsurance may file with the SEC. We have 220,000+ readers every month & 25,000+ email subscribers. We intend these forward-looking statements to be covered by the safe harbor provisions for forward-looking statements in the Private Securities Litigation Reform Act of 1995. Argo Group International Holdings Ltd. announced that Argo shareholders voted to approve an agreement for Brookfield Reinsurance Ltd. to acquire Argo in an all-cash transaction valued at approximately $1.1 billion. Complete the form so we can learn more about your His writing appears on the finance, business, markets and future of money sections of the website. Mergers & Acquisitions Argo will file the final vote results, as certified by the independent Email: kerrie.mchugh@brookfield.com, Investor Relations Brookfield Reinsurance: For more information, please visit our website at bnre.brookfield.com. Statements that include the words expect, estimate, intend, plan, believe, project, anticipate, seek, aim, likely, will, may, could, should or would and similar statements of a future or forward-looking nature identify forward-looking statements in this press release for purposes of the U.S. federal securities laws or otherwise. The acquisition of Argo represents another milestone in the continued expansion of our insurance solutions business. AEL provides annuities - an insurance contract customers typically buy for a steady income stream after retiring. For further information regarding the definitive merger agreement, please see Argos current report on Form 8-K, which will be filed with theU.S. Securities and Exchange Commission (the SEC)and will contain a summary of the material terms and conditions of the merger agreement, as well as a copy of the merger agreement. Under the agreement, each issued and outstanding Argo common share will be converted into the right to receive $30 in cash at closing of the merger, funded by existing cash on hand and liquidity available to Brookfield Reinsurance. Brookfield Reinsurance to Acquire Argo in $1.1 Billion Transaction. You may obtain free copies of these documents as described in the preceding paragraph filed with, or furnished to, the SEC. By joining Brookfield Reinsurance, Argo will continue to serve our brokers with greater financial strength and opportunities to grow as a U.S.-focused specialty insurer, he added. Under the terms of the merger agreement, Argo has agreed to suspend the payment of dividends on its common shares through the closing of the transaction. The merger consideration per Argo share represents a 6.7 percent premium to Argo's closing share price on February 7, 2023, and a 48.7 percent premium over Argo's closing share price on September 7, 2022. Sign Up. Thank you! Argos insurance subsidiaries are rated A- by A.M. Best. Email: gregory.charpentier@argogroupus.com, David Snowden References to additional information about Argo and Brookfield Reinsurance have been provided as a convenience, and the information contained on such websites is not incorporated by reference into this press release. Argo Group Argo Group is an investment bank for insurance and reinsurance products in the property and casualty market. Hamilton, Bermuda April 19, 2023 Argo Group International Holdings,Ltd. (Argo) (NYSE: ARGO) today announced that Argo shareholders voted to approve an agreement for Brookfield Reinsurance Ltd. (Brookfield Reinsurance) to acquire Argo in an all-cash transaction valued at approximately $1.1 billion (the Merger). December 09, 2022. The stock had dipped 1% this year, as of last close. BROOKFIELD, NEWS, Feb. 08, 2023 (GLOBE NEWSWIRE) -- Brookfield Reinsurance (NYSE, TSX:BNRE) and Argo Group International Holdings, Ltd. (Argo) (NYSE: ARGO) today announced they have entered into a definitive merger agreement whereby Brookfield Reinsurance will acquireArgoin an all-cash transaction valued at approximately$1.1 billion. Please tell us what we can do to improve this article. Tel: (978) 387-4150 If the deal with AEL is completed, it would boost Brookfield Reinsurance's assets under management to nearly $100 billion. As part of the agreement, each issued and outstanding Argo common share will be converted into the right to receive $30 in cash at closing of the merger, funded by existing cash on hand and liquidity available to Brookfield Reinsurance. Live Chat/ Video Call with Agent. Brookfield Reinsurance, the operator of a financial services business providing capital-based solutions to the insurance industry, has announced the acquisition of Argo Group International Holdings, Ltd. in an all-cash transaction valued at roughly $1.1 billion. Niket Nishant reports on breaking news and the quarterly earnings of Wall Street's largest banks, card companies, financial technology upstarts and asset managers. Advisors References to additional information about Argo and Brookfield Reinsurance have been provided as a convenience, and the information contained on such websites is not incorporated by reference into this press release. 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Such statements include forward-looking statements both with respect to Argo in general, and to the insurance and reinsurance sectors in particular (both as to underwriting and investment matters). Argo Group International Holdings, Ltd. (NYSE: ARGO) is a U.S. focused underwriter of specialty insurance products in the property and casualty market. In May 2022,AM Bestaffirmed Argos A- (Excellent) rating but lowered itsBCAR score, citing material adverse loss reserve development. Argo Group International Holdings, Ltd. (NYSE: ARGO) is a U.S. focused underwriter of specialty insurance products in the property and casualty market. Brookfield Reinsurance Ltd. BNRE-T has made a stock-and-cash offer to buy American Equity Investment Life Holding Co. AEL-N that values the company at US$4.3-billion. Financial services firm Brookfield Reinsurance announced it has entered a definitive agreement to acquire Argo Group International Holdings in an all-cash transaction valued at approximately $1.1 billion. Brookfield Reinsurance Takes Out Argo Most that read the comments section already know that Brookfield Reinsurance has agreed to purchase Argo Group Holdings (ARGO) which has a baby bond and a preferred stock issue outstanding. Argo offers a full line of products and services designed to meet the unique coverage and claims-handling needs of businesses. In connection with the merger agreement, Voce Capital Management LLC entered into a voting and support agreement whereby it agreed to vote all of the common shares held by it in favour of the merger and take certain other actions, subject to the terms and conditions of the voting and support agreement. The offer from the reinsurance arm of Canadian investment firm Brookfield comes months after AEL rejected a nearly $4 billion bid from Elliott Investment Management-backed insurance firm Prosperity Life, saying it "significantly undervalued" the company. The unit, Brookfield Reinsurance BNRE-T, said on Wednesday it will offer a $30 cash payment to shareholders of Argo, representing a premium of about 7 per cent to the stocks last close, after the merger completes in the second half of 2023. Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology. Enjoy a 7-Day Free Trial Thru Mar 10, 2023! Such statements include forward-looking statements both with respect to us in general, and to the insurance and reinsurance sectors in particular (both as to underwriting and investment matters). However, if you would like to, you can change your cookie settings at any time. In connection with the execution of the merger agreement, Voce Capital Management LLC entered into a voting and support agreement whereby Voce Capital Management LLC agreed to vote all of the common shares held by it in favor of the merger and take certain other actions, subject to the terms and conditions of the voting and support agreement. Argos leading U.S. specialty platform adds a foundational piece to our expanding U.S. P&C operations. Thomas A. Bradley, Argo's Executive Chairman and Chief Executive Officer, said, "This transaction brings a successful conclusion to Argo's strategic alternatives review process and represents the best path forward for Argo. Additional Information about the Proposed Transaction and Where to Find It The announcement follows Argo's recent disclosure that Brookfield Reinsurance agreed to acquire it for an all-cash transaction valued at $30 per common share. Brookfield has bet aggressively on its reinsurance business. Email: [emailprotected], David Snowden Brookfield Reinsurance (BNRE.N) has offered $55 for each share of AEL it does not already own. Email: andrew.hersom@argogroupus.com, Gregory Charpentier Website Privacy & Cookies and Disclaimer.