Argo Group International Holdings, Inc.: M&A transaction — Argo closes sale of Lloyd's Syndicate 1200 to Westfield for ~$125M cash

Argo Group International Holdings, Inc.

Completed sale of Argo Underwriting Agency Limited and Lloyd's Syndicate 1200 to Ohio Farmers Insurance (Westfield).
Received ~$125M in cash proceeds at closing; additional ~$30.5M placed in escrow for reinsurance recoverables.
Escrow may be released to Argo over two years; remaining balance after two years returned to buyer.
Transaction originally announced Sept. 2022; Goldman Sachs and Skadden acted as advisors.

Key facts

Extracted from this filing and checked against the source text.

M&A Transactions SEC 8-K Item 2.01/5.01 confidence 0.9

Argo Group International Holdings, Inc. completed a disposition involving Ohio Farmers Insurance Company for approximately $125,000,000 (closed 2023-02-02).

Action: disposition
Counterparty: Ohio Farmers Insurance Company
Consideration: approximately $125,000,000
Closing: 2023-02-02

Exact text from the filing

for the fiscal year ended December 31, 2022 to be filed with the Securities and Exchange Commission. At the closing of the AUA Sale, AIHL received cash proceeds of approximately $125,000,000. An additional amount of approximately $30,500,000 was placed in escrow by Ohio Farmers related to certain reinsurance-related recoverables, which may be released to AIHL over a

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Source: SEC EDGAR

accession 0001104659-23-010486

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