March 27, 2024

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Argo Group Agrees to Sell Its Italian Enterprise

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Argo Team Worldwide Holdings Ltd., a Bermuda-centered underwriter of specialty insurance policy products, declared an arrangement to promote its Italian operations, ArgoGlobal Assicurazioni S.p.A (AGA) to Perfuturo Money AG, a Swiss holding organization.

Perfuturo is completely owned by Philantra Holding AG – a inexperienced, technological know-how and renewable power professional.

Closing of the transaction is subject matter to regulatory approval and is envisioned to take place in early 2021. Economic specifics of the transaction were not disclosed.

“We are confident that Perfuturo’s abilities and expertise of the European sector will permit AGA to prosper,” explained Matt Harris, Argo Group head of worldwide functions. “This transaction aligns with our strategy to simplify the enterprise and streamline functions.

“Argo Group will proceed to aim on specialty insurance coverage strains of small business that we anticipate will final result in worthwhile expansion and improved shareholder value,” Harris stated.

“Perfuturo is psyched to be investing in AGA and bringing on board talented pros with unparalleled insurance plan market place abilities and understanding of the Italian current market,” reported Perfuturo’s Chief Govt Officer Stephan Kochem. “With the fiscal energy and European knowledge of our group, we will pursue our ambition of setting up a world-course insurance organization in Italy.”

Resource: Argo Group Global Holdings Ltd.

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