Argo rises on Brookfield Reinsurance buyout deal for $1.1 bln

Argo International Holdings

08/02/2023 14:53

** Shares of insurer Argo Group International Holdings
 ARGO.N  rise 4% to $29.25
    ** Financial services firm Brookfield Reinsurance Ltd
 BNRE.N  says it would buy Argo in an all-cash deal valued at
$1.1 bln, to expand its insurance solutions business
    ** BNRE says it will pay $30 in cash for each Argo share,
reflecting a premium of about 7% on the stock's last close
    ** BNRE and ARGO expect merger to close in the second half
of 2023
    ** Shares in ARGO are down ~49.52% in last 12 months
 (Reporting by Jaiveer Shekhawat in Bengaluru)
 ((JaiveerSingh.Shekhawat@thomsonreuters.com;))