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The transaction would mark a fifth legacy deal struck by Argo as it seeks to clean up its back book amid a strategic review. -
The portfolio consists mainly of underwriting years 2004 to 2018.
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The carrier was pushed to a net loss of $493mn by mark-to-market losses in its investment portfolio in Q2.
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The carrier completed legacy deals within both its Re & ILS and London market segments.
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The sector saw a variety of deal sizes, with transaction values ranging in H1 from $10mn to $3.1bn.
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The legacy specialist started the fundraise in the wake of a collapsed takeover by Brickell.
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The outgoing exec will remain as a board member, while chief strategy officer David Ni will lead the company’s M&A strategy going forward.
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The deal would mark the second time the carrier has come to the legacy market in recent times as the syndicate’s turnaround continues.
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The redomicile is part of a diversification strategy to broaden the carrier’s focus from Continental Europe to Lloyd’s and North America.
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The legacy carrier will use the proceeds to refinance existing debt.
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The legacy acquirer also struck a quota share deal for UK builders warranty insurance in 2021.
