[ad_1]
Extra particulars concerning a serious acquisition revealed
![Brookfield Reinsurance files annual report](https://cdn-res.keymedia.com/cdn-cgi/image/w=840,h=504,f=auto/https://cdn-res.keymedia.com/cms/images/us/023/0321_638472371467567945.jpg)
Brookfield Reinsurance has filed its 2023 annual report, which incorporates audited monetary statements for the 12 months ending December 31, 2023.
The report was filed on Type 20-F with the US Securities and Change Fee (SEC) on EDGAR and with Canadian securities regulatory authorities on SEDAR.
Brookfield’s acquisition of Argo – in-depth
As per the annual report, the acquisition noticed Brookfield Reinsurance take 100% of Argo Group Worldwide’s issued and excellent shares. This all-cash transaction amounted to $30 per share, valuing the acquisition at $1.1 billion.
Following the deal, Argo Group was re-domiciled as a US company and renamed Argo Group Worldwide Holdings, Inc. (“Argo”) on November 30, 2023. Argo focuses on underwriting specialty insurance coverage merchandise throughout the property and casualty market.
Upon finalizing the acquisition, Brookfield Reinsurance took over all of Argo’s belongings and liabilities as of the cut-off date and has since consolidated the acquired enterprise for monetary reporting. From November 16 to December 31, 2023, Argo contributed revenues of $191 million and a internet revenue of $1 million to Brookfield Reinsurance.
Consolidated annual outcomes
The annual report for 2023 additionally revealed the reinsurer’s consolidated monetary outcomes, which present an uptick in internet premiums to $4.137 billion in 2023 from $3.011 billion in 2022, marking a considerable enhance from the $1.016 billion recorded in 2021.
Extra income streams additionally noticed a notable rise, with different coverage income climbing to $413 million in 2023, up from $224 million the earlier 12 months. The corporate’s internet funding earnings almost doubled, reaching $1.809 billion in 2023 in comparison with $978 million in 2022, and a dramatic leap from the $76 million reported in 2021.
Moreover, investment-related features reversed from a lack of $185 million in 2022 to a acquire of $534 million in 2023, indicating a constructive shift in funding outcomes.
Complete revenues for the 12 months stood at $7.020 billion, a major enhance from $4.309 billion in 2022 and $1.041 billion in 2021.
What are your ideas on this story? Please be happy to share your feedback under.
Sustain with the most recent information and occasions
Be a part of our mailing record, it’s free!
![](https://www.insurancebusinessmag.com/images/mail.png)
[ad_2]