Reinsurance News

Argo Group

Advisors ISS and Glass Lewis lend support to Argo Board picks

5th December 2022

Argo has announced that Institutional Shareholder Services (ISS) and Glass Lewis & Co have both recommended that Argo shareholders vote in support of all director nominees put forward by the company for election at its upcoming annual general meeting (AGM). Argo has faced pressure from activist investor Capital Returns in ... Read the full article

Argo defends strategic review as investor pressure mounts

16th November 2022

Bermuda-based specialty P&C insurer Argo has addressed another letter to shareholders defending its ongoing strategic review process amid mounting pressure from activist investor Capital Returns and its allies, who are seeking to replace two directors on Argo's Board at next month's annual general meeting (AGM). The latest criticisms from Capital Returns ... Read the full article

Argo sees net income plummet in Q3

8th November 2022

Argo Group has released its Q3 results, saying that net income dropped to -$51.4m from $19.8m in the same period in 2021. The firm said in its earnings release that gross written premiums had also fallen in this period from $875.6m to $750.9m, with earned premiums also falling from $487.5m to ... Read the full article

Investors sue Argo amid stock price plummet

25th October 2022

Bermuda-based specialty P&C insurer Argo is being sued by a group of investors, who claim that they were misled on major aspects of the company’s performance metrics, which have resulted in a significant drop in stock prices. Argo’s stock price has fallen by more than 60% this year and the company ... Read the full article

Investors seek to instate new Argo directors to “unlock value”

20th October 2022

Activist investors are seeking shareholder support to elect two new directors to Argo’s Board in order to address what they label as “years of underperformance and poor decision-making” at the company. Capital Returns Master, Ltd., a Cayman Islands exempted company, and other participants want to see the new directors approved at ... Read the full article

Argo syndicate sale could boost earnings, says S&P

9th September 2022

Analysts at S&P have assured that no immediate impact to ratings will be felt following Argo Group International Holdings’ sale of its Lloyd's Syndicate 1200 and Argo Underwriting Agency Ltd. to Westfield Specialty. However, the rating agency added that the transaction could improve Argo’s prospective earnings. Back in April, Argo confirmed ... Read the full article

Argo Group appoints GuideOne CEO Jessica Snyder as new president of US insurance

16th August 2022

Argo Group has appointed former Guide One CEO Jessica Snyder to be its president of US insurance. Snyder will begin in her new role immediately and is set to report to Tom Bradley, executive chairman and chief executive officer of the firm. She joins from GuideOne, where she was president and ... Read the full article

Argo Group appoints J. Daniel Plants to Board of Directors

9th August 2022

Argo Group Holdings has announced the appointment of J. Daniel Plants as an independent member of the company's Board of Directors. Plants is a seasoned investor, financial executive, and senior advisor with three decades of experience helping companies successfully navigate change and unlock shareholder value. He currently serves as Chief Investment Officer ... Read the full article

Argo sees lower cat losses despite Q2 $18.9mn net loss

9th August 2022

Argo Group has reported an improvement in its catastrophe losses, as the figure is significantly lower at $2.5 million in Q2 2022 compared to the $11.1 million reported in the same period last year. According to the group, this quarter’s cat-loss result reflects their strategy to reduce catastrophe exposure despite continued ... Read the full article

Argo exploring options including sale and merger

28th April 2022

Argo has said its board of directors has begun to explore ‘strategic alternatives’ including a potential sale, merger, or other strategic transaction. The board also announced the postponement of Argo’s 2022 annual general meeting of shareholders until the second half of this year. The board believes it is in the best ... Read the full article

Argo Chairman Bradley assumes CEO duties as Rehnberg takes medical leave of absence

7th March 2022

Thomas Bradley, the Chairman of specialty insurer and reinsurer Argo Group International Holdings, Ltd., has taken over as Chief Executive Officer (CEO) from Kevin Rehnberg, who is "temporarily unable to perform his duties for health reasons." A filing with the U.S. Securities and Exchange Commission (SEC) reveals that, effective March 3rd, ... Read the full article

Argo Group reports latest numbers, will continue to focus on reducing volatility

25th February 2022

Argo Group has reported that its net earned premiums increased 4.2% in Q4 2021 in its latest quarterly release of results. The announcement, which came this week, also saw the insurer state that its total catastrophe losses for Q4 2021 being $6.8m, down from $51m in Q4 2020. Full-year catastrophe losses ... Read the full article

Argo reports Q4 net loss of $119mn

23rd February 2022

Bermuda-based property and casualty insurer Argo Group has reported a net loss of $118.8 million for the fourth quarter of 2021, compared to a net loss of $3.5 million for the same prior year period, driven by adverse prior year reserve development and non-operating charges. The company also reported a spike ... Read the full article

Argo finalises sale of Brazilian arm to Spice PE

16th February 2022

Specialty P&C insurer, Argo Group International Holdings, Ltd., has announced the completion of the sale of its Brazilian arm, Argo Seguros Brasil S.A., to Spice Private Equity Ltd. It was revealed in October of last year that Argo and Spice PE, an investment company focused on global private equity investments, ... Read the full article

Argo’s Q4 result to include adverse reserve development & non-operating charges

9th February 2022

Bermuda-based property and casualty insurer, Argo Group International Holdings, Ltd., has reported that its fourth quarter 2021 financial results will include up to $140 million of net adverse prior year reserve development, and also some non-operating charges. Argo has pre-announced a number of negative impacts ahead of the release of its ... Read the full article