Pelican Ventures and J.C. Flowers to acquire Ariel Re from Argo.

Private equity firms Pelican Ventures and J.C. Flowers agreed to acquire Ariel Re, a reinsurance business, from Argo, an underwriter of specialty insurance and reinsurance products. Financial terms were not disclosed. "Ariel Re is well known in the reinsurance market, and we are confident the business will thrive as part of Pelican Ventures," Kevin J. Rehnberg, Argo CEO.