September 29, 2022

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Business is my step

Argo Group Announces Sale of its Italian Business

3 min read

Argo Group Worldwide Holdings, Ltd. (NYSE: ARGO), an underwriter of specialty insurance coverage products, currently declared an agreement to sell its Italian functions, ArgoGlobal Assicurazioni S.p.A (“AGA”) to Perfuturo Money AG (“Perfuturo”), a Swiss Keeping Enterprise. Perfuturo is absolutely owned by Philantra Keeping AG – a inexperienced, know-how and renewable energy expert. Closing of the transaction is issue to regulatory acceptance and is predicted to occur in early 2021.

“We are self-confident that Perfuturo’s experience and awareness of the European industry will allow AGA to prosper,” claimed Matt Harris, Argo Group head of intercontinental operations. “This transaction aligns with our technique to simplify the business enterprise and streamline operations.

“Argo Group will continue on to aim on specialty insurance plan strains of business enterprise that we anticipate will outcome in profitable development and improved shareholder price,” Harris mentioned.

“Perfuturo is excited to be investing in AGA and bringing on board talented gurus with unparalleled insurance policies market knowledge and knowledge of the Italian current market,” stated Perfuturo’s Main Govt Officer Stephan Kochem. “With the economic power and European practical experience of our team, we will pursue our ambition of making a world-course insurance policy business in Italy.”

ABOUT ARGO Team Worldwide HOLDINGS LTD.

Argo Group Intercontinental Holdings Ltd. (NYSE: ARGO) is an underwriter of specialty insurance policies products and solutions in the assets and casualty industry. Argo features a entire line of goods and providers intended to satisfy the exclusive protection and claims-dealing with demands of enterprises in two major segments: U.S. Operations and Global Functions. Argo Group and its insurance policy subsidiaries are rated ‛A-’ by Common & Poor’s. Argo’s insurance policies subsidiaries are rated ‛A-’ by A.M. Ideal. Much more information and facts on Argo and its subsidiaries is out there at argogroup.com.

Ahead-Wanting STATEMENTS

This push release consists of ahead-on the lookout statements that reflect our existing views with respect to foreseeable future occasions and money overall performance. Ahead-hunting statements include all statements that do not relate only to historical or existing information, and can be identified by the use of phrases such as “expect,” “intend,” “plan,” “believe,” “do not imagine,” “aim,” “project,” “anticipate,” “seek,” “will,” “likely,” “assume,” “estimate,” “may,” “continue,” “guidance,” “objective,” “remain optimistic,” “outlook,” “trends,” “future,” “could,” “would,” “should,” “target,” “on track” and equivalent expressions of a upcoming or forward-wanting mother nature. This sort of statements are matter to particular risks and uncertainties that could result in true activities or outcomes to vary materially. For a extra comprehensive discussion of this kind of threats and uncertainties, see Product 1A, “Risk Factors” in Argo’s Annual Report on Kind 10-K for the fiscal 12 months ended December 31, 2019, as supplemented in Argo’s subsequent Quarterly Reviews on Variety 10-Q, and in other filings with the Securities and Exchange Commission (“SEC”). The inclusion of a forward-seeking statement herein ought to not be regarded as a illustration by Argo that Argo’s targets will be achieved. Argo undertakes no obligation to publicly update ahead-searching statements, whether as a final result of new facts, upcoming gatherings or otherwise. You ought to not place undue reliance on any this sort of statements.

Contacts

Buyers:

Brett Shirreffs

Head of Trader Relations

212-607-8830

[email protected]

Media:

David Snowden

Senior Vice President, Team Communications

210-321-2104

[email protected]

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