Subsequent Event

12 Months Ended

Dec. 31, 2019

Subsequent Events [Abstract]

Subsequent Event

Subsequent Event

On February 6, 2020, we announced that we had reached an agreement to sell our Trident Public Risk Solutions (“Trident”) brand and underwriting platform to Paragon Insurance Holdings, LLC (“Paragon”). Trident is one of the business units within our U.S. Operations reporting segment. The transaction is expected to close in the first half of 2020 for a sales price of approximately $43 million in cash. We expect to recognize a pre-tax gain of approximately $37 million during the period the transaction closes.

Paragon will continue to write business on Argo paper through a managing general agency agreement for the next four years, as we will retain Trident’s claims operations and provide claims services to Paragon for the public entity business.