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(Reuters) — Brookfield Asset Management’s reinsurance unit agreed to take Bermuda-based specialty insurer Argo Group private in a $1.1 billion deal, as the Canadian company looks to expand its footprint in the U.S. property and casualty insurance market.
The unit, Bermuda-based Brookfield Reinsurance, said Wednesday it will offer a $30 cash payment to shareholders of Argo, representing a premium of about 7% to the stock's last close, after the merger is completed in the second half of this year.
Argo offers casualty insurance for the manufacturing and services sectors in the United States. The company also has an international presence in regions including Bermuda, London, the Middle East and North Africa, according to its website.
There have been a string of tie-ups in the past few months between insurers and asset managers that are looking for ways to boost the amount of money they manage.
Asset managers and private equity firms have also been a conduit for publicly listed companies to exit the stock market at a time when few others are willing to do deals, as companies prioritize cost cuts over mergers and acquisitions.
In May 2022, Brookfield Reinsurance took another insurer, American National Group Inc., private in a 5.1 billion deal. Meanwhile, Blackstone Inc. invested $500 million in life insurer Resolution Life under a partnership in October.