Argo completes Ariel Re deal

Argo has closed its acquisition of Lloyd's (re)insurer Ariel
Re, it announced late yesterday.
In November,Argo confirmed previous reports by this publication that it was to
buy 100 percent of Ariel for a cash consideration of
approximately $235mn, valuing the business at 1.25x forecast
year-end tangible book value.
Ariel Re was jointly owned by Banco BTG Pactual and the Abu
Dhabi Investment Council.
The combined Ariel Re and Argo Re entity will be led by Argo
Group's head of...