Argo Group to acquire Ariel Re for $235 million in cash

Bermuda-based Argo Group International Holdings has entered into an agreement to acquire Ariel Re, a global underwriter of insurance and reinsurance business, for approximately $235 million cash, from its two current owners, BTG Pactual and the Abu Dhabi Investment Council.

The acquisition, which is expected to be completed during the first quarter of 2017, is subject to relevant regulatory approvals.

The acquisition provides yet another example of consolidation in the Bermuda insurance industry.

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