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The standalone international reinsurer wrote EUR842mn in premium and booked a 96.6% combined ratio in 2021. -
The Australian buyer’s deal disclosures reveal details around regulatory probes into the London market wholesaler.
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An additional deferred consideration of up to A$176mn may be payable two years after the completion, subject to Tysers reaching agreed revenue targets.
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The move comes as the expected deal with AUB failed to materialise, and after Ardonagh stepped up its engagement.
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The news comes less than two weeks after the broker became part of Howden Group in a £1.1bn deal.
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Cyber and M&A insurance are the emerging trends in the region fueled by increased jackpotting attacks and deal activity.
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Plus this week’s Q1 results and all the top news of the week.
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The Bermudian is trying to cement its pivot into specialty insurance – but selling the reinsurance unit may prove tricky.
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The broker completed five tuck-in brokerage mergers in Q1, the same number as the previous year, but totaling $32.2mn, down from $89.7mn in Q1 2021.
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The carrier also revealed $30mn in Russia-Ukraine Q1 losses.
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Ron Bobman first called for the sale of the firm back in September 2021, and recently launched a proxy campaign to join its board.
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Argo’s board is considering a potential sale as it announced an “exploration of strategic alternatives”, which will also consider a merger or other strategic transaction.
