Argo Group Closes Ariel Re Acquisition
February 06 2017 - 6:52PM
Business Wire
Argo Group International Holdings, Ltd. (NASDAQ: AGII), an
international underwriter of specialty insurance and reinsurance
products, today announced it has closed the acquisition of Ariel
Re, a global underwriter of insurance and reinsurance business.
Ariel Re was jointly owned by Banco BTG Pactual S.A. and the Abu
Dhabi Investment Council. The company underwrites a global
portfolio of insurance and reinsurance business through Lloyd’s
Syndicate 1910.
ABOUT ARGO GROUP INTERNATIONAL HOLDINGS, LTD.
Argo Group International Holdings, Ltd. (NASDAQ: AGII) is an
international underwriter of specialty insurance and reinsurance
products in the property and casualty market. Argo Group offers a
full line of products and services designed to meet the unique
coverage and claims handling needs of businesses in four primary
segments: Excess & Surplus Lines, Commercial Specialty,
International Specialty and Syndicate 1200. Argo Group's insurance
subsidiaries are A. M. Best-rated 'A' (Excellent) (fourth highest
rating out of 16 rating classifications) with a stable outlook, and
Argo's U.S. insurance subsidiaries are Standard and Poor's-rated
'A-' (Strong) with a stable outlook. More information on Argo Group
and its subsidiaries is available at www.argolimited.com.
FORWARD-LOOKING STATEMENTS
This press release may include forward-looking statements, both
with respect to Argo Group and its industry, that reflect our
current views with respect to future events and financial
performance. These statements are made pursuant to the safe harbor
provisions of the Private Securities Litigation Reform Act of 1995.
Forward-looking statements include all statements that do not
relate solely to historical or current facts, and can be identified
by the use of words such as "expect," "intend," "plan," "believe,"
“do not believe,” “aim,” "project," "anticipate," “seek,” "will,"
“likely,” “assume,” “estimate,” "may," “continue,” “guidance,”
“objective,” “outlook,” “trends,” “future,” “could,” “would,”
“should,” “target,” “on track” and similar expressions of a future
or forward-looking nature. All forward-looking statements address
matters that involve risks and uncertainties, many of which are
beyond Argo Group's control. Accordingly, there are or will be
important factors that could cause actual results to differ
materially from those indicated in such statements and, therefore,
you should not place undue reliance on any such statements. We
believe that these factors include, but are not limited to, the
following: 1) unpredictability and severity of catastrophic events;
2) rating agency actions; 3) adequacy of our risk management and
loss limitation methods; 4) cyclicality of demand and pricing in
the insurance and reinsurance markets; 5) statutory or regulatory
developments including tax policy, reinsurance and other regulatory
matters; 6) our ability to implement our business strategy; 7)
adequacy of our loss reserves; 8) continued availability of capital
and financing; 9) retention of key personnel; 10) competition; 11)
potential loss of business from one or more major insurance or
reinsurance brokers; 12) our ability to implement, successfully and
on a timely basis, complex infrastructure, distribution
capabilities, systems, procedures and internal controls, and to
develop accurate actuarial data to support the business and
regulatory and reporting requirements; 13) general economic and
market conditions (including inflation, volatility in the credit
and capital markets, interest rates and foreign currency exchange
rates); 14) the integration of businesses we may acquire or new
business ventures we may start; 15) the effect on our investment
portfolios of changing financial market conditions, including
inflation, interest rates, liquidity and other factors; 16) acts of
terrorism or outbreak of war; and 17) availability of reinsurance
and retrocessional coverage, as well as management's response to
any of the aforementioned factors.
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version on businesswire.com: http://www.businesswire.com/news/home/20170206006230/en/
Argo Group International Holdings, Ltd.Susan Spivak
Bernstein, 212-607-8835Senior Vice President, Investor
RelationsorDavid Snowden, 210-321-2104Senior Vice President,
Corporate Communications
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