Reinsurance News
Argo Group
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
Net premiums rise for reinsurers in Bermuda
20th January 2022
The net premiums written for a group of eight reinsurers based in Bermuda rose by 18.1% through 9m21. The figure was supplied by Fitch in one of its latest reports. The company suggested that the growth was driven by rate increases, plus growth in casualty and specialty writings. Among the eight reinsurers—Arch ... Read the full article
Argo Group to sell Malta operation to Riverstone
20th December 2021
Argo Group, the US and international focused specialty insurer, has announced an agreement to sell its Malta business operations, ArgoGlobal Holdings (Malta) Ltd., to legacy and run-off specialist Riverstone Holdings Limited. The ArgoGlobal SE business unit has been unused for a time, as Argo shifted its focus back to the United ... Read the full article
Ascot appoints former Argo exec Will Chen to US CFO role
9th November 2021
Specialty re/insurer Ascot has appointed Will Chen to lead its US business as Chief Financial Officer, a role he recently operated in at rival player Argo. Chen, who brings 25 years' experience to the role, will take on primary authority and oversight for the financial prosperity of businesses including Ascot Specialty ... Read the full article
Argo Group’s underwriting loss narrows in Q3 2021
3rd November 2021
Bermuda-based Argo Group International Holdings, Ltd. has reported net income of $19.8 million for the third quarter of 2021, compared with a loss of more than $25 million a year earlier, as the company's combined ratio improved by 9.8 percentage points in the period. Overall, Argo has returned to profit in ... Read the full article
Possible downgrade for Argo’s Lloyd’s Syndicate 1200
7th October 2021
Syndicate Research Limited has downgraded the B- (Below Average), negative outlook, Continuity Opinion of Lloyd's syndicate 1200 (Argo Managing Agency Limited) to C+ (Below Average) and placed the Continuity Opinion under review for possible downgrade. These actions are a result of mounting concerns regarding the group’s long-term commitment to the business. Syndicate ... Read the full article
Argo offloads Brazilian operations for $30mn
4th October 2021
Specialty insurance underwriter Argo Group International has announced its decision to sell it's Argo Brazilian arm to Spice PE, an investment company focused on global private equity investments, for a purchase price of roughly $29.8 million. Spice PE’s investments are managed by GP Advisors (Bermuda), Ltd., a wholly-owned subsidiary of GP ... Read the full article
Activist investor urges board to explore full sale of Argo Group
13th September 2021
One of Argo Group International Holdings, Ltd.'s largest shareholders, Capital Returns Management, LLC, has called on the re/insurer's Board of Directors to conduct a strategic alternatives review and consider a full sale of the company. The activist investor believes that Argo's assets and market position support a sale price of at ... Read the full article
Argo Group agrees to sell P&C business to Mesa Underwriters
31st August 2021
Argo Group International Holdings has entered into an agreement to sell the renewal rights of its contract binding property and casualty business to Mesa Underwriters Specialty Insurance Company (MUSIC), the excess and surplus lines subsidiary of Selective Insurance Group. As a part of the transaction, the Argo contract binding team will ... Read the full article
Argo CUO departs as leadership reshuffle announced
12th August 2021
Specialty insurer Argo has announced that Chief Underwriting Officer, Tim Carter, and head of international Matt Harris, have both left the company. Concurrently, A number of key appointments have been made, including the promotion of Susan Comparato to Chief Administrative Officer. Comparato will oversee the global business services and innovation teams, having ... Read the full article
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