ARGO AGREES TO SELL ITALIAN BUSINESS

Bermudian re/insurer Argo Group International Holdings has reached an agreement to sell its Italian operation, ArgoGlobal Assicurazioni, to Swiss holding company Perfuturo Capital, a unit of green technology and renewable energy group Philantra Holding. The terms of the deal were not disclosed. The sale is part of Argo’s strategy to dispose of non-core businesses and focus on specialty lines. The agreement came seven weeks after Argo agreed to sell reinsurer Ariel Re to US private equity firms Pelican Ventures and JC Flowers & Co. “Perfuturo is excited to be investing in AGA and bringing on board talented professionals with unparalleled insurance market expertise and knowledge of the Italian market,” said Perfuturo chief executive Stephan Kochem. “With the financial strength and European experience of our group, we will pursue our ambition of building a world-class business in Italy.”