argo insurance brookfield

Brookfield Senior Vice President, Communications Brookfield Asset Management offers to buy American Equity (NYSE/TSX: BN). The Boards of Directors of both Brookfield Reinsurance and Argo have unanimously approved the definitive merger agreement, which is expected to close in the second half of 2023, subject to approval by Argo shareholders and other customary closing conditions. The company also has an international presence in regions including Bermuda, London, the Middle East and North Africa, according to its website. Phone: 441-296-5858Fax: For further information regarding the definitive merger agreement, please see Argos current report on Form 8-K, which will be filed with theU.S. Securities and Exchange Commission (the SEC)and will contain a summary of the material terms and conditions of the merger agreement, as well as a copy of the merger agreement. However, if you would like to, you can change your cookie settings at any time. In February, Brookfield Reinsurance signed a $1.1 billion deal to take Argo Group International ARGO private. AEL said its board will review the offer and a deal is not guaranteed. Advisors Brookfield Reinsurance Ltd.; Argo Group International Holdings, Ltd. Argo Shareholders to Receive $30.00 per Share in Cash. Brookfield AEL provides annuities - an insurance contract customers typically buy for a steady income stream after retiring. Debevoise & Plimpton LLPis serving as legal advisor to Brookfield Reinsurance on this transaction. Hamilton, Bermuda April 19, 2023 Argo Group International Holdings,Ltd. (Argo) (NYSE: ARGO) today announced that Argo shareholders voted to approve an agreement for Brookfield Reinsurance Ltd. (Brookfield Reinsurance) to acquire Argo in an all-cash transaction valued at approximately $1.1 billion (the Merger). Email: david. Reach the largest reinsurance audience. Argo Group International Holdings Ltd, the Bermudian-based specialty insurer, has entered into a definitive merger agreement with Brookfield Reinsurance that will see the company acquire Argo in an all-cash transaction valued at approximately $1.1 billion. Each issued and outstanding Argo share will be converted into the right to receive $30.00 in cash at closing, with Brookfield financing the acquisition with cash on hand and other available liquidity. As noted today by Thomas A. Bradley, Argos Executive Chairman and Chief Executive Officer (CEO), this agreement with Brookfield Reinsurance brings a successful conclusion to Argos strategic alternatives review process and represents the best path forward for Argo, our employees and policyholders while also maximizing value for our shareholders.. Your email address will not be published. Topics Copyright 2023 The Globe and Mail Inc. All rights reserved. Argo is a U.S. focused underwriter of specialty insurance products. He also covers the biggest IPOs on U.S. exchanges, and late-stage venture capital funding alongside news and regulatory developments in the cryptocurrency industry. Brookfield The company is part of Toronto-headquartered Brookfield Corporation, which has a perpetual capital base of approximately $125 billion generating $5 billion of free cash flow annually that is deployed across its three core pillars asset management, insurance solutions and its operating businesses. Ardea Partners and J.P. Morgan are advising AEL on In November,Argo Groups management mooted the potential sale of the whole company in a letter to shareholders and explainedthat Goldman Sachs was advising the company on potential buyers. Goldman Sachs & Co. LLC is serving as financial advisor andSkadden, Arps, Slate, Meagher & Flom LLP is serving as legal advisor toArgoon this transaction. Later in the year, the firm defended its strategic review process amid mounting pressure from activist investor Capital Returns and its allies, who were seeking to replace two directors on Argos Board at the annual general meeting (AGM). Senior Vice President, Communications Tel: (978) 387-4150 In recent years, Argo has announced a series divestitures to exit international businesses and focus on more profitable business lines. For a smooth experience with our commenting system we recommend that you use Internet Explorer 10 or higher, Firefox or Chrome Browsers. AEL provides annuities - an insurance contract customers typically buy for a steady income stream after retiring. Argo Group International Holdings Ltd, the Bermudian-based specialty insurer, has entered into a definitive merger agreement with Brookfield Reinsurance that Insurtech funding falls to 2018 levels, but represents a $7trn market, according to a dealroom.co study backed by insurers Generali and Mapfre. Brookfield Argo will file the final vote results, as certified by the independent Inspector of Election, on a Form 8-K with the U.S. Securities and Exchange Commission. Email: [emailprotected], David Snowden AEL had also fielded takeover interest from Athene Holding and Massachusetts Mutual Life Insurance Company in 2020. December 09, 2022. % of people found this article valuable. Each of Brookfield Reinsurances and Argos boards of directors unanimously approved the merger agreement. Tel: (210) 321-2104 Argo offers a full line of products and services designed to meet the unique coverage and claims-handling needs of businesses. The merger consideration per Argo share represents a 6.7 percent premium to Argo's closing share price on February 7, 2023, and a 48.7 percent premium over Argo's closing share price on September 7, 2022. Brookfield Reinsurance, the operator of a financial services business providing capital-based solutions to the insurance industry, has announced the Brookfield New Guardrails on Fla. Forced-Placed Insurance, Nationwide E&S Exits Commercial Auto on July 15, resignation of former CEO Mark E. Watson III, stepped down in March 2022 due to health problems. Please tell us what you liked about it. Get a quote within minutes by filling out a simple form. Argo offers casualty insurance for the manufacturing and services sectors in the United States. Tel: (860) 970-5845 An Allianz reshuffle sees the previous AGCS CFO appointed to Allianz Group as chief actuary. Thomas A Bradley, Argos executive chairman and chief executive , said: This transaction brings a successful conclusion to Argos strategic alternatives review process and represents the best path forward for Argo, our employees and policyholders while also maximising value for our shareholders. 07337195 Brookfield Reinsurance to Acquire Insurer Argo Group in $1.1B Deal Such statements include forward-looking statements both with respect to Argo in general, and to the insurance and reinsurance sectors in particular (both as to underwriting and investment matters). The stock had dipped 1% this year, as of last close. Bermuda-based Brookfield Re entered the spotlight yesterday when it acquired Argo in a $1.1bn takeover transaction, following a drawn-out sales process which took almost a year and included Core Specialty, Arch and Enstar as interested parties. Thank you! Additionally please clear both your browser's cache and cookies -. Brookfield Thank you! Debevoise & Plimpton LLP is serving as legal adviser to Brookfield Reinsurance on this transaction, while Goldman Sachs & Co. LLC is serving as Argos financial adviser and Skadden, Arps, Slate, Meagher & Flom LLP is serving as its legal adviser in this transaction. BROOKFIELD, NEWS, Feb. 08, 2023 (GLOBE NEWSWIRE) -- Brookfield Reinsurance (NYSE, TSX:BNRE) and Argo Group International Holdings, Ltd. (Argo) In connection with the execution of the merger agreement, Voce Capital Management LLC entered into a voting and support agreement whereby Voce Capital Management LLC agreed to vote all of the common shares held by it in favor of the merger and take certain other actions, subject to the terms and conditions of the voting and support agreement. . Tel: (210) 321-2104 Get reinsurance news by email here. Contact - Argo Group Argos leading US specialty platform adds a foundational piece to our expanding US P&C operations, he said. Email: david.snowden@argogroupus.com, Investor Relations Argo: Carriers Each of Brookfield Reinsurances and Argos boards of directors unanimously approved the merger agreement, which is expected to close in the second half of 2023, subject to approvals. The merger consideration per Argo common share represents a 6.7% premium to the firms closing share price on February 7th, 2023, and a 48.7% premium over its closing share price on September 7th, 2022, which is the last full trading day prior to Argo announcing the sale of Argo Underwriting Agency Limited and its Lloyds Syndicate 1200 and the continuation of its strategic alternatives review process. You must be Registered or Signed in to post comment or to vote. Hamilton, Bermuda April 19, 2023 Argo Group International Holdings, Ltd. (Argo) (NYSE: ARGO) today announced that Argo shareholders voted to approve an To ensure the most secure and best overall experience on our website we recommend the latest versions of, Internet Explorer is no longer supported. TORONTO Brookfield Reinsurance has signed a deal to buy Argo Group International Holdings for US$1.1 billion in cash. Brookfield Reinsurance Ltd. BNRE-T has made a stock-and-cash offer to buy American Equity Investment Life Holding Co. AEL-N that values the company at US$4.3-billion. Shares of AEL were up 13.3% at $51.10 in premarket trading. The unit, Brookfield Reinsurance BNRE-T, said on Wednesday it will offer a $30 cash payment to shareholders of Argo, representing a premium of about 7 per cent to the stocks last close, after the merger completes in the second half of 2023. Tel: (860) 970-5845 In the end, Argos nominations for members of its Board where overwhelmingly voted in favour of by shareholders, after the withdrawal of two board nominations by Capital Returns Master just days before. Argo Texas Group - Insurance and Taxes in Texas - Argo Texas Please tell us what we can do to improve this article. Argo Group International Holdings Ltd. announced that Argo shareholders voted to approve an agreement for Brookfield Reinsurance Ltd. to acquire Argo in an all-cash transaction valued at approximately $1.1 billion. More information on Argo and its subsidiaries is available atwww.argogroup.com. Sachin Shah, CEO of Brookfield Reinsurance, commented: The acquisition of Argo represents another milestone in the continued expansion of our insurance solutions business. Brookfield Reinsurance to Acquire Argo in $1.1 Billion Transaction By joining BrookfieldReinsurance, Argo will continue to serveour brokerswith greater financial strength and opportunities to grow as a U.S.-focused specialty insurer.. Argo Group International Holdings, Ltd. (NYSE: ARGO) is a U.S. focused underwriter of specialty insurance products in the property and casualty market. Argo Group sold to Brookfield Re for $1.1 billion The transaction is not subject to any financing condition or contingency. Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and experts. This field is for validation purposes and should be left unchanged. Investors and security holders may obtain free copies of the proxy statement (when available) and other documents filed with, or furnished to, the SEC by Argo or Brookfield Reinsurance through the website maintained by the SEC at www.sec.gov or by contacting Andrew Hersom, head of the investor relations department of Argo: Andrew Hersom Thomas Bradley,Argos executive chairman and chief executive, added: This transaction brings a successful conclusion to Argos strategic alternatives review process and represents the best path forward for Argo, our employees and policyholders while also maximising value for our shareholders. Reuters, the news and media division of Thomson Reuters, is the worlds largest multimedia news provider, reaching billions of people worldwide every day. The acquisition of Argo represents another milestone in the continued expansion of our insurance solutions business. About Argo INVESTORS IN AND SECURITY HOLDERS OF ARGO ARE URGED TO READ THE PROXY STATEMENT AND ANY OTHER RELEVANT DOCUMENTS THAT ARE FILED OR FURNISHED OR WILL BE FILED OR WILL BE FURNISHED WITH THE SEC, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THESE DOCUMENTS, CAREFULLY AND IN THEIR ENTIRETY BECAUSE THEY CONTAIN OR WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION AND RELATED MATTERS. You must be logged in to post or view comments with Disqus. 441-296-6162[emailprotected], (Access online manuals and employee phone listings), Argo Group Reports First Quarter 2023 Results, Argo Group Schedules First Quarter 2023 Earnings Release, GCIS Agency / Policyholder On-line John Shutt. Loss Run. TORONTO - Brookfield Reinsurance Ltd. has made a stock-and-cash offer to buy American Equity Investment Life Holding Co. (AEL) that values the company at Feb. 8, 2023, 09:03 AM. Andrew Hersom Brookfield Reinsurance has announced that following close of markets on June 26, 2023, the company has submitted a letter to the board of directors of American Equity Investment Life Holding Company (AEL) setting forth a proposal to acquire all of the outstanding shares of common stock of AEL not already owned by Brookfield (RTTNews) - Brookfield Reinsurance (BNRE) and Argo Group International Holdings, Ltd. (ARGO) Wednesday announced a definitive merger agreement whereby Brookfield Reinsurance will acquire Argo in an all-cash transaction valued at approximately $1.1 billion. See here for a complete list of exchanges and delays. See here for a complete list of exchanges and delays. Argo Group Argo Group is an investment bank for insurance and reinsurance products in the property and casualty market. Sachin Shah, Chief Executive Officer of Brookfield Reinsurance, said, The acquisition ofArgorepresents another milestone in the continued expansion of our insurance solutions business. Brookfield Asset Managements reinsurance unit agreed to take insurer Argo Group International ARGO-N private in a $1.1-billion deal, as the Canadian firm looks to expand its footprint in the U.S. property and casualty insurance market. Brookfield Reinsurance Ltd. (NYSE, TSX: BNRE) operates a leading financial services business providing capital-based solutions to the insurance industry. Additionally, Argo has agreed to suspend the payment of dividends on its common shares through the closing of the transaction. Live Chat/ Video Call with Agent. Thank you! The proposed transaction is subject to risks and uncertainties and factors that could cause Argos and Brookfield Reinsurances actual results to differ, possibly materially, from those in the specific projections, goals, assumptions and statements herein including, but not limited to: (i) that Argo and Brookfield Reinsurance may be unable to complete the proposed transaction because, among other reasons, conditions to the closing of the proposed transaction may not be satisfied or waived, including the failure to obtain Argo shareholder approval for the proposed transaction or that a governmental authority may prohibit, delay or refuse to grant approval for the consummation of the transaction; (ii) uncertainty as to the timing of completion of the proposed transaction; (iii) the occurrence of any event, change or other circumstance that could give rise to the termination of the merger agreement; (iv) risks related to disruption of managements attention from Argos or Brookfield Reinsurances ongoing business operations due to the proposed transaction; (v) the effect of the announcement of the proposed transaction on Argos or Brookfield Reinsurances relationships with its clients, employees, operating results and business generally; and (vi) the outcome of any legal proceedings to the extent initiated against Argo or Brookfield Reinsurance or others following the announcement of the proposed transaction, as well as Argo or Brookfield Reinsurance managements response to any of the aforementioned factors. Such statements include forward-looking statements both with respect to us in general, and to the insurance and reinsurance sectors in particular (both as to underwriting and investment matters). And in September, the company announcedthesale of Argo Underwriting Agency Limited and its Lloyds Syndicate 1200 to Westfieldfor approximately $125m. Through its operating subsidiaries, it offers a broad range of insurance products and services to individuals and institutions, including life insurance and annuities, health, and personal and commercial property and casualty insurance. Shares of AEL were up 13.3% at $51.10 in premarket trading. 210-321-2104. The offer from the reinsurance arm of Canadian investment firm Brookfield comes months after AEL rejected a nearly $4 billion bid from Elliott Investment Management-backed insurance firm Prosperity Life, saying it "significantly undervalued" the company. Argo offers a full line of products and services designed to meet the unique coverage and claims-handling needs of businesses. Argo undertakes no obligation to update publicly or revise any forward-looking statement, whether as a result of new information, future developments or otherwise, except as required by the federal securities laws. English. Rachel Powell Argos leading U.S. specialty platform adds a foundational piece to our expanding U.S. P&C operations, commented Sachin Shah, chief executive officer of Brookfield Reinsurance, in a statement. If the deal with AEL is completed, it would boost Brookfield Reinsurance's assets under management to nearly $100 billion. The merger consideration perArgo common sharerepresents a6.7% premium toArgosclosingshare price on February 7, 2023, and a48.7% premium overArgosclosingshare price on September 7, 2022, the last full trading day prior to Argo announcing the sale of Argo Underwriting Agency Limited and its Lloyds Syndicate 1200 and the continuation of its strategic alternatives review process. Any forward-looking statements made in this press release are qualified by these cautionary statements, and there can be no assurance that the actual results or developments anticipated by Argo will be realized or, even if substantially realized, that they will have the expected consequences to, or effects on, Argo or its business or operations. Email: gregory.charpentier@argogroupus.com, Cautionary Note Regarding Forward-Looking Statements. Use of this website signifies your agreement to the Terms of Service and Privacy Policy Our team of agents listens to our clients and designs an insurance program around what they value and Brookfield Reinsurance Ltd. BNRE-T has made a stock-and-cash offer to buy American Equity Investment Life Holding Co. AEL-N that values the company at The Canadian company already has a substantial investment Required fields are marked *. David Snowden Brookfields insurance arm offers to buy American Equity in deal Argos leading U.S. specialty platform adds a foundational piece to our expanding U.S. P&C operations. Argo Group Shareholders Approve Merger With Brookfield We look forward to partnering with the Argo team to support the growth of its core businesses, build on its strong franchise, and deliver value for policyholders.. References to additional information about Argo and Brookfield Reinsurance have been provided as a convenience, and the information contained on such websites is not incorporated by reference into this press release. There have been a string of tie-ups in the past few months between insurers and asset managers, who are looking for ways to boost the amount of money they manage. Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile. Under the agreement, each issued and outstanding Argo common share will be converted into the right to receive $30 in cash at closing of the merger, funded by existing cash on hand and liquidity available to Brookfield Reinsurance. Copyright 2023 royalgazette.com. 1:24. Brookfield All such documents, when filed or furnished are available free of charge on the SECs website (www.sec.gov) or by directing a request to Argo at the Investor Relations contact above. Send Questions/Comments. This press release may include, and Argo may make related oral, forward-looking statements that reflect Argos current views with respect to future events and financial performance. Argo undertakes no obligation to update publicly or revise any forward-looking statement, whether as a result of new information, future developments or otherwise, except as required by the federal securities laws. All rights reserved. In May 2022,AM Bestaffirmed Argos A- (Excellent) rating but lowered itsBCAR score, citing material adverse loss reserve development. Brookfield deal will drive Argo 'to new heights': Bradley Cautionary Note Regarding Forward-Looking Statements. The proposed transaction is subject to risks and uncertainties and factors that could cause Argos actual results to differ, possibly materially, from those in the specific projections, goals, assumptions and statements herein including, but not limited to: (i) that Argo may be unable to complete the proposed transaction because, among other reasons, conditions to the closing of the proposed transaction may not be satisfied or waived, including that a governmental authority may prohibit, delay or refuse to grant approval for the consummation of the transaction; (ii) uncertainty as to the timing of completion of the proposed transaction; (iii) the occurrence of any event, change or other circumstance that could give rise to the termination of the merger agreement between Argo, Brookfield Reinsurance and BNRE Bermuda Merger Sub Ltd.; (iv) risks related to disruption of managements attention from Argos ongoing business operations due to the proposed transaction; (v) the effect of the announcement of the proposed transaction on Argos relationships with its clients, employees, operating results and business generally; and (vi) the outcome of any legal proceedings to the extent initiated against Argo or others following the announcement of the proposed transaction, as well as Argo managements response to any of the aforementioned factors.
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