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Reinsurance News
8th May 2020
Argo Group International Holdings, Ltd., the Bermuda based insurance and reinsurance company, fell to a first-quarter loss to start the year, as claims from the Covid-19 pandemic dented its performance. Argo has reported a net loss of $18.8 million for the first-quarter of 2020, but having suffered $26.2 million of claims ... Read the full article
17th April 2020
Specialty reinsurer Argo Group has announced the election of three new board members at its Annual General Meeting. Appointments include Bernard C. Bailey, Fred R. Donner and Argo Group Chief Executive Officer Kevin J. Rehnberg. Five former directors are retiring from the board, including former Board Chairman Gary V. Woods, F. Sedgwick ... Read the full article
27th February 2020
Global financial services ratings agency A.M. Best has removed from under review with negative implications and downgraded the credit ratings of Argo Group International Holdings, Ltd. and its subsidiaries. Specifically, the ratings agency has removed from under review with negative implications and downgraded the Financial Strength Rating (FSR) to A- (Excellent) ... Read the full article
25th February 2020
Bermuda domiciled insurer and reinsurer Argo Group International Holdings, Ltd. has reported a net loss of more than $103 million for the fourth-quarter of 2019, and a combined ratio of almost 127%. The company announced earlier this month that its fourth-quarter results were likely to include an underwriting loss, with ... Read the full article
13th February 2020
Bermuda-based insurer and reinsurer Argo Group International Holdings, Ltd. has issued a statement ahead of the release of its fourth quarter results, which it has warned will likely contain a $114 million underwriting loss. Argo Group Interim CEO Kevin Rehnberg said that the company’s results for both the quarter and the ... Read the full article
10th February 2020
Bermuda-based insurer and reinsurer Argo Group International Holdings, Ltd. has announced the addition of Carol A. McFate to its Board of Directors. McFate retired from Xerox Corporation in 2017 after serving as Chief Investment Officer for more than a decade. During this time, she was responsible for the insourcing, oversight and ... Read the full article
10th February 2020
Loadsure, a managing general agency (MGA) focused on the U.S. spot freight industry, has been granted coverholder status by the specialist Lloyd's of London insurance and reinsurance marketplace. ArgoGlobal, a division of re/insurer Argo Group, has partnered with Loadsure to provide capacity and support for its development, and has been working ... Read the full article
7th February 2020
Argo Group International Holdings, Ltd. has announced that Paragon Insurance Holdings, LLC is to acquire its Trident Public Risk Solutions brand and underwriting platform. It's expected that the deal will complete in the coming months, and insurer and reinsurer Argo expects to report a pre-tax gain of around $37 million related ... Read the full article
14th January 2020
Lloyd's of London insurer and Argo Group subsidiary ArgoGlobal has added Jeremy Shallow as head of international specialty and Ross MacDonald as head of non-US international casualty. Both appointments are effective immediately and will report to John Moffatt, active underwriter of Syndicate 1200 and Nigel Mortimer, head of international casualty, respectively. Shallow ... Read the full article
12th December 2019
Five members of Argo’s board are set to retire amid an ongoing “refreshment process” seemingly brought about by pressure from shareholder Voce Capital Management and a subpoena issued by The US Securities and Exchange Commission. The specialty re/insurer says its board is engaged in a "national executive search firm ... Read the full article
11th December 2019
Mark Watson, the former Chief Executive of specialty reinsurer Argo, is set to receive a $2.5 million compensation package upon his departure from the company. Watson’s ‘retirement’ from Argo followed news that the re/insurer had been subpoenaed by The US Securities and Exchange Commission over compensation practices for its executives. Before ... Read the full article
10th December 2019
Argo Group International Holdings, Ltd. has set a record date of January 8th, 2020 for the determination of company shareholders who are entitled to execute, withhold or revoke consents in connection with the Voce Consent Solicitation. The Board of Directors of Argo has responded to Voce's letter requesting that the re/insurer ... Read the full article
3rd December 2019
Specialty reinsurer Argo has criticised a recent attempt by its shareholder Voce to call a special general meeting in order to remove and replace five existing board members. An Argo statement released this week states that its board has been been constructively engaged with Voce, and continues to encourage its participation ... Read the full article
13th November 2019
Specialty reinsurer Argo has had its outlook revised from stable to negative by S&P Global Ratings amid ongoing governance-related issues. S&P says the recent retirement of Chief Executive Officer Mark Watson could suggest potential shortcomings in the company’s governance framework, including the effectiveness of board oversight. President of Argo Group US ... Read the full article
8th November 2019
Ratings agency AM Best has placed specialty re/insurer Argo under review with negative implications due to “diminished credibility” among shareholders. In particular, AM Best questions the decision to keep an SEC inquiry confidential while undergoing an extensive internal investigation on compensation governance matters. Another concern for AM Best are the pending ... Read the full article
