Bermudian-based specialty insurer Argo Group International Holdings Ltd has agreed to sell ArgoGlobal Holdings (Malta) Ltd and its subsidiaries to Riverstone Holdings Limited.

The closing of the transaction is expected during the first half of 2022, subject to regulatory approval.

Riverstone Holdings, part of the RiverStone International group, is an acquirer and reinsurer of legacy and discontinued insurance businesses.

“This sale supports our strategy to focus on US-based specialty insurance risks,” said Andy Borst, interim president of international operations at Argo.

ArgoGlobal SE business was primarily focused on insuring risks in Europe and has not been actively underwriting business since 2020, the company said.

“We are delighted to have executed a second legacy transaction with the Argo Group, which strengthens our important business relationship,” said Luke Tanzer, RiverStone International’s CEO.

“We look forward to working closely with Argo through the completion phase and to continue to service ArgoGlobal SE policyholders and claimants to the high standards currently provided.”

The terms of the agreement were not disclosed.