Argo Reveals Sale Of Argo Underwriting Agency, Lloyd's Syndicate 1200 To Westfield For $125 Mln

(RTTNews) - Argo Group International Holdings, Ltd. (ARGO) announced a definitive agreement for the sale of Argo Underwriting Agency Limited and its Lloyd's Syndicate 1200 to Westfield for approximately $125 million in cash. the deal value represents 1.16x price to its book value or 0.81x price to book value as of the first quarter 2022. The deal is expected to close in the first half of 2023.

The company said the announcement with Westfield follows Argo's entry into a Loss Portfolio Transfer transaction with Enstar on August 8.

Argo said its comprehensive review of strategic alternatives is ongoing.