Argo Group draws $125 million under revolver for Ariel Re acquisition

By Marisa Wong

Morgantown, W.Va., Feb. 6 – Argo Group International Holdings, Ltd. drew $125 million under its $175 million credit agreement on Jan. 31, according to an 8-K filed Monday with the Securities and Exchange Commission.

The borrowings were used to fund the company’s previously announced acquisition of Ariel Re.

The company entered into the revolving credit agreement on March 10, 2014.

Pembroke, Bermuda-based Argo Group is an international underwriter of specialty insurance and reinsurance products in the property and casualty market.

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