Brookfield Reinsurance to buy insurance firm Argo in $1.1 bln deal

Credit: REUTERS/Mark Blinch

Adds per-share offer price, other details

Feb 8 (Reuters) - Financial services firm Brookfield Reinsurance BNRE.N, BNRE.TO said on Wednesday it would acquire insurer Argo Group International Holdings ARGO.N in a deal valued at $1.1 billion.

Argo shareholders will be eligible for a $30 cash payment when the deal closes, representing a premium of about 7% to the stock's last close, Brookfield Reinsurance said.

The merger is expected to complete in the second half of 2023, Brookfield said.

(Reporting by Niket Nishant in Bengaluru; Editing by Sriraj Kalluvila and Shinjini Ganguli)


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