Bermuda-based specialty P&C insurer Argo has announced that its shareholders have voted to approve an agreement for the company to be acquired by Brookfield Reinsurance, the operator of a financial services business providing capital-based solutions to the insurance industry.
The all-cash acquisition proposal, made by Brookfield Reinsurance back in February, values Argo at approximately $1.1 billion and has already been approved by Board members.
The consideration per Argo common share represents a 6.7% premium to the firm’s closing share price on February 7th, 2023, and a 48.7% premium over its closing share price on September 7th, 2022.
