Hamilton, Bermuda-based Argo Group Worldwide Holdings has acquired approval from shareholders to its merger with Brookfield Reinsurance in an all-cash deal.

Argo Group is an underwriter of specialty insurance coverage choices within the property and casualty (P&C) market within the US.

Argo affords a full line of services and products to fulfill the protection and claims-handling wants of insurance coverage companies.

The merger is topic to customary closing situations, together with regulatory approvals.

It’s anticipated to shut within the second half of 2023.

In February 2023, Brookfield Reinsurance signed a definitive settlement to amass Argo for round $1.1bn.

Below the settlement, every issued and excellent frequent share of Argo will probably be transformed into the correct to get $30 in money on the time of closure of the deal.

This deal will probably be funded by Brookfield Reinsurance from its present money available and liquidity. 

Working a capital options enterprise, Brookfield Reinsurance affords insurance coverage and reinsurance companies to people and establishments.

In February this 12 months, Argo govt chairman and CEO Thomas A Bradley stated: “This transaction brings a profitable conclusion to Argo’s strategic alternate options overview course of and represents the perfect path ahead for Argo, our workers and policyholders whereas additionally maximizing worth for our shareholders. 

“By becoming a member of Brookfield Reinsurance, Argo will proceed to serve our brokers with higher monetary power and alternatives to develop as a US-focused specialty insurer.”

In April final 12 months, Argo began  exploring strategic choices together with a possible sale.