Pelican Ventures and J.C. Flowers, a private investment and equity firm respectively, will take over all responsibility for Ariel Re in 2021.
As part of the deal, Argo will continue to handle the firm’s operations for the remainder of 2020.
“We are pleased to complete this transaction and appreciate the time and attention provided by Pelican Ventures and J.C. Flowers & Co., as well as the collaboration with our regulators.”
Speaking during the first announcement of the sale, Rehnberg added: “Argo Group will continue to focus on specialty insurance lines of business that we expect will result in profitable growth and improved shareholder value.
“This transaction aligns with our strategy to simplify the business and streamline operations.”