Bermuda-based Argo Group International Holdings Ltd has agreed the sale of its Brazilian operations.

The underwriter of specialty insurance said that it has agreed to sell Argo Seguros Brasil SA to Spice Private Equity Ltd, an investment company focused on global private equity investments, for a purchase price of 160 million Brazilian reais, subject to the terms of the purchase agreement.

At today’s exchange rates, Argo said that the sale price is equivalent to approximately $30 million.

Argo said that Spice PE’s investments are managed by GP Advisors (Bermuda) Ltd, a wholly owned subsidiary of GP Investments Ltd, a leading private equity and alternative investments company, with a long and successful history of investing in Brazil.

The company said that closing of the transaction is subject to regulatory approval and is expected to occur by the end of 2021.

Andy Borst, interim president of international operations, said: “Argo Group launched Argo Brazil in 2011 with a local team of insurance executives to build a new insurance brand in the Brazilian insurance market.

“This sale is an important milestone in the evolution of Argo Brazil and supports the Argo Group operating strategy to focus on US-based specialty insurance risks.”

Spice Private Equity Ltd is listed on the SIX Swiss Exchange under the ticker symbol SPCE.