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The Cayman Islands-headquartered reinsurer held a 49% stake in the Mexican firm, according to its 2021 annual report. -
Permira, Nordic Capital and Eurazeo are in the frame to back the broker.
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The carrier has called this month’s vote ‘a critical moment in Argo’s history’.
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The family-run business deals in industrial risks and professional sports coverage.
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Betaville reported that Ageas is working with bankers at NM Rothschild on a “defence” mandate ahead of potential takeover interest.
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Talks are focused on sourcing new investment to come in alongside that from current backers Preservation Capital Partners and British Columbia Investment.
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The business is predicted to write $1.4bn this year.
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The broker specialises in a broad range of marine coverage in the Pacific region.
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News that the private equity house was preparing to bring the broker to market was revealed by Insurance Insider in June.
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The carrier is reportedly looking to sell its operations in Spain, Portugal and Ireland.
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The Envest transaction includes the acquisition of Aviso Group, a network of broking offices across five states and 10 MGAs.
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Prior to approval, the commercial carrier owned 47.3% of the Chinese insurance group.
