Bermudian-based Argo Group International Holdings Ltd, an underwriter of specialty insurance products, has completed the sale of Argo Seguros Brasil S.A. to Spice Private Equity Ltd.

“The closing of this transaction is another definitive step as Argo evolves as a specialty insurer focused on US-based insurance risks,” said Andy Borst, interim president of international operations.

“I wish the team in Brazil the best of luck in the future.”

The terms of the transaction were not disclosed.