Brookfield Reinsurance completes acquisition of Argo Group
Argo Group announced the completion of Brookfield Reinsurance’s acquisition of Argo in an all-cash transaction valued at approximately $1.1 billion. Under the terms of the transaction, Brookfield Reinsurance acquired all issued and outstanding common shares of Argo at a price of $30 per share. Argo’s common shares have ceased trading on the New York Stock Exchange.
Argo’s US specialty platform adds a foundational piece to Brookfield Reinsurance’s expanding U.S. P&C operations and increases Brookfield Reinsurance’s assets to over $50 billion.
In connection with closing, Jessica Snyder will assume the role of chief executive officer of Argo, succeeding Thomas Bradley who has announced his intention to retire upon closing. Snyder, an experienced executive with over 30 years of industry experience, joined Argo in 2022 as president, US Insurance.