SAO PAULO, Nov 14 (Reuters) - Brazil’s Grupo BTG Pactual has agreed, along with partner Abu Dhabi Investment Council, to sell reinsurer Ariel Re to Bermuda’s Argo Group International Holdings for $235 million, it said on Monday.
BTG and Abu Dhabi Investment Council each hold 50 percent of Ariel Re. In a securities filing, the investment bank said it does not expect to book losses or gains from the transaction.
Reuters reported on Nov. 7 that BTG Pactual was close to selling its stake in Ariel Re.
The decision is the latest step in BTG Pactual’s strategy to focus on core activities, sell assets and put the brakes on global expansion efforts. (Reporting by Tatiana Bautzer; Editing by Jason Neely and David Goodman)