Argo Group International Holdings Ltd has completed its previously announced sale of Argo Underwriting Agency Limited and its Lloyd’s Syndicate 1200 to Westfield.

Under the terms of the sale, announced in September, Argo was to receive total cash proceeds of approximately $125 million.

When the deal was announced, Argo said the transaction would simplify its corporate structure and drive greater efficiencies with increased focus on core US businesses.

“We are pleased to complete this transaction,” said Thomas A Bradley, Argo’s executive chairman and chief executive officer.

“We thank our Lloyd’s team members for their work and dedication to our business over the years and we are confident they will have a bright future ahead with Westfield.”