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Brookfield will continue to operate under its own brand, and CEO Leonard Münz will still lead the business, as part of the transaction. -
The ratings agency has placed under review with developing implications CCR Re’s A financial strength ratings, as well as its credit ratings.
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NIIC has a small amount of legacy business in run-off, which includes property and casualty, marine, and professional liability insurance business.
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The deal regards international and North America financial lines, European and North American reinsurance portfolios, and several US discontinued programs.
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The ratings agency has placed under review with developing implications Argo’s A- financial strength ratings, as well as its credit ratings.
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The reinsurer said in its Q4 earnings call that Argo’s takeover further diversifies its operations and adds a foundational piece to its expanding P&C activity in the US.
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Howden Tiger Capital Markets again has a mandate to find a buyer for Bermuda-based JRG Reinsurance Company.
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The international reinsurance unit booked almost EUR1bn in revenue in 2022.
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The consideration represents a 48.7% premium to Argo’s share price before the sale of its Lloyd’s business.
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The in-coming CEO must ensure a smooth transition, land the “London-out strategy” started by Brooks, and handle CPPIB’s exit.
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The New York-listed carrier has completed its $125mn deal.
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It is understood that the circa £30mn-premium Roberts Armytage & Partners has a staff base of around 20.
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