Brookfield Reinsurance has completed its $1.1bn takeover of Argo Group, with the Bermudan re/insurer to be led by Jessica Snyder.
Jessica Snyder will replace Thomas Bradley as Argo Group’s CEO, the Bermudan re/insurer has announced.
Snyder (pictured) was previously president of Argo’s US insurance arm, joining in 2022.
As group CEO, she replaced Bradley who is set to retire.
Snyder has previously served in senior and executive roles at GuideOne, Open Lending and State Auto.
Bradley has served as CEO for the past five years, and is a former chief financial officer of US insurer Allied World.
Argo’s change at the top coincides with the completion of Brookfield Reinsurance’s acquisition of Argo in an all-cash transaction valued at approximately $1.1bn.
Argo’s US specialty platform adds to Brookfield’s expanding US P&C operations, Argo said, and increases Brookfield Reinsurance’s assets to more than $50bn.
Under the terms of the transaction, Brookfield Reinsurance 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.
Goldman Sachs served as financial advisor and Skadden, Arps, Slate, Meagher & Flom served as legal advisor to Argo on the deal.