ARGO - Argo Group International sells its Italian underwriting business in Europe exit strategy

Argo Group International Holdings ([[ARGO]] +1.0%) announces an agreement to sell its Italian underwriting operation, ArgoGlobal Assicurazioni, to a Swiss holding company Perfuturo Capital.Financial terms of the transaction were not disclosed.The announcement comes in line to the company's plan to exit its underwriting operations in Continental Europe outside of Lloyd's, including Italy and Malta, as disclosed in Q3 2020."Argo Group will continue to focus on specialty insurance lines of business that we expect will result in profitable growth and improved shareholder value," says Matt Harris, Argo Group head of international operations.The closing of the transaction is expected in early 2021, subject to regulatory approval.

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Argo Group International sells its Italian underwriting business in Europe exit strategy