TORONTO — Brookfield Reinsurance has signed a deal to buy Argo Group International Holdings for US$1.1 billion in cash.
Argo is a U.S. focused underwriter of specialty insurance products.
Brookfield Reinsurance CEO Sachin Shah says Argo adds a key piece to the company's expanding U.S. operations.
Under the deal, each Argo common share will be converted into the right to receive US$30 in cash at the closing of the deal.
The Brookfield Reinsurance and Argo boards of directors have unanimously approved the merger agreement.
The deal is expected to close in the second half of 2023, subject to approval by Argo shareholders and other closing conditions.
This report by The Canadian Press was first published Feb. 8, 2023.
Companies in this story: (TSX:BNRE)
The Canadian Press