Brookfield Reinsurance has completed the acquisition of Argo Group International Holdings Ltd in an all-cash transaction valued at approximately $1.1 billion.

Making the announcement, Argo said Jessica Snyder will assume the role of chief executive, succeeding Thomas Bradley, who has announced his intention to retire upon closing.

Ms Snyder, an executive with more than 30 years of industry experience, joined Argo in 2022 as president, US insurance.

Under the terms of the transaction, first announced in February, Brookfield acquired all issued and outstanding common shares of Argo at a price of $30 per share.

Argo’s common shares have ceased trading on the New York Stock Exchange.

Argo said its leading US specialty platform adds a foundational piece to Brookfield Reinsurance’s expanding US P&C operations and increases Brookfield Reinsurance’s assets to more than $50 billion.