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Report: Following Blackstone, Argo also drops out from Aspen auction

Argo is the latest company to drop out of the race to acquire Aspen Insurance Holdings Ltd. without placing a bid for the company, Insurance Insider reported.

Alternative asset manager Blackstone Group LP dropped its bid to acquire the Bermuda-based insurer last week. Apollo Global Management LLC remained involved after submitting an offer for Aspen, and sell-side bankers J.P. Morgan and Goldman Sachs are reportedly trying to bring suitors from earlier in the process back into the bidding.

An Aspen spokesperson declined to comment to Insurance Insider on the report.