Cavan Images/Getty Images/Cavan Images RFwhich has a long history in San Antonio, is set to be sold for $1.1 billion.stockholders stand to receive $30 for each share when the deal is completed. The sale is slated to close in the second half of this year, subject to approval of Argo shareholders and other closing conditions. The boards of both insurers have approved the transaction.
Thomas A. Bradley is executive chairman and CEO of Argo Group International Holdings Ltd., a specialty insurer with its U.S. headquarters in San Antonio.Argo Group, with its U.S. headquarters in San Antonio, is exploring ‘strategic alternatives’ Argo is a midsize player in a niche field of insuring complex or hard-to-price risks other insurers won’t touch. For example, it insured almost every oil and gas operator involved in the Deepwater Horizon explosion in 2010 in the Gulf of Mexico.
Capital Returns nominated Bobman and another candidate to serve on Argo’s board, but withdrew the nominations ahead of the shareholder vote in December.