Bermudian-based specialty insurance underwriters Argo Group International Holdings Ltd has agreed to sell its Italian operations, ArgoGlobal Assicurazioni S.p.A to Perfuturo Capital AG, a Swiss holding company.

Argo said Perfuturo is fully owned by Philantra Holding AG, a green, technology and renewable energy specialist.

Closing of the transaction is subject to regulatory approval and is expected to occur in early 2021, Argo said.

Matt Harris, Argo Group head of international operations, said: “We are confident that Perfuturo’s expertise and knowledge of the European market will allow AGA to thrive. This transaction aligns with our strategy to simplify the business and streamline operations.”

He added: “Argo Group will continue to focus on specialty insurance lines of business that we expect will result in profitable growth and improved shareholder value.”

Stephan Kochem, chief executive officer at Perfuturo, said: “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.

“With the financial strength and European experience of our group, we will pursue our ambition of building a world-class insurance business in Italy.”