- Argo to receive total cash proceeds of approximately $125 million.
- Transaction will simplify corporate structure and drive greater efficiencies with increased focus on core U.S. businesses.
- Transaction expected to close in first half of 2023.
HAMILTON, Bermuda – September 8, 2022 – Argo Group International Holdings, Ltd. (NYSE: ARGO) (“Argo” or “the company”) today announced the company has entered into a definitive agreement for the sale of Argo Underwriting Agency Limited and its Lloyd’s Syndicate 1200 to Westfield for total cash proceeds of approximately $125 million or 1.16x price to tangible book value or 0.81x price to book value as of first quarter 2022, subject to closing-related adjustments.
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