The reinsurance group of Brookfield Asset Management is to acquire Argo Group International, a provider of casualty insurance for the manufacturing and services sectors in the United States, in a take-private deal worth $1.1 billion, according to a report by Reuters.
Brookfield Reinsurance said on Wednesday that Argo shareholders will receive a $30 per share cash payment, representing a premium of about 7% to the stock’s last close, with the merger due to complete in the second half of 2023.
In May last year, Brookfield Reinsurance completed another insurance company take-private deal, acquiring American National Group Inc for $5.1 billion.
