ARGO GROUP INTERNATIONAL HOLDINGS, LTD. FILES (8-K) Disclosing Completion of Acquisition or Disposition of Assets, Other Events, Financial Statements and Exhibits - Insurance News | InsuranceNewsNet

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February 3, 2023 Newswires
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ARGO GROUP INTERNATIONAL HOLDINGS, LTD. FILES (8-K) Disclosing Completion of Acquisition or Disposition of Assets, Other Events, Financial Statements and Exhibits

Edgar Glimpses

Item 2.01. Completion of Acquisition or Disposition of Assets

On February 2, 2023, Argo International Holdings Limited ("AIHL"), a
wholly-owned subsidiary of Argo Group International Holdings, Ltd. (the
"Company"), completed the previously announced sale of the entire issued share
capital of Argo Underwriting Agency Limited (the "AUA Sale"). The AUA Sale was
consummated pursuant to the previously disclosed Sale and Purchase Agreement
(the "SPA"), dated as of September 8, 2022, by and between AIHL and Ohio Farmers
Insurance Company
("Ohio Farmers"), part of the Westfield group of insurance
companies, as amended by that certain Deed of Amendment, dated February 2, 2023.

The foregoing description of the SPA and Deed of Amendment in this Item 2.01
does not purport to be complete and is subject to and qualified in its entirety
by reference to the SPA, a copy of which was filed as Exhibit 10.2 to the
Company's Quarterly Report on Form 10-Q for the period ended September 30, 2022
filed with the United States Securities and Exchange Commission on November 9,
2022
and is incorporated herein by reference, and the Deed of Amendment, a copy
of which will be filed as an exhibit to the Company's Annual Report on Form 10-K
for the fiscal year ended December 31, 2022 to be filed with the Securities and
Exchange Commission
.

At the closing of the AUA Sale, AIHL received cash proceeds of approximately
$125,000,000. An additional amount of approximately $30,500,000 was placed in
escrow by Ohio Farmers related to certain reinsurance-related recoverables,
which may be released to AIHL over a period of two years following the closing.
At the end of the two-year escrow period, any remaining balance of the
$30,500,000 escrow will be returned to Ohio Farmers.


Item 8.01. Other Events.


On February 2, 2023, the Company also issued a press release announcing the
completion of the AUA Sale. A copy of the press release is filed as Exhibit 99.1
to this Current Report on Form 8-K and is incorporated herein by reference.

Item 9.01. Financial Statements and Exhibits.




(d) Exhibits



  99.1     Press Release issued by Argo Group International Holdings, Ltd., dated
         February 2, 2023.
104      Cover Page Interactive Data File (embedded within the Inline XBRL document)

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