Reinsurance News

Argo Group

Argo Group reports $112m net loss in Q4

28th February 2023

Bermuda-based Argo Group International Holdings, Ltd. has reported a net loss of $111.8m for the fourth quarter of 2022, compared with a loss of $117.8m a year earlier. The company’s gross written premiums (GWP) narrowed to $644.5m, with an underwriting loss of $133.8m. In Q4 2021 Argo Group reported GWP earnings ... Read the full article

J. Daniel Plants to Step Down from Argo’s Board of Directors

15th February 2023

Argo Group International Holdings, Ltd., has announced that J. Daniel Plants, a member of the Argo Board of Directors, and Chairman of its Strategic Review Committee, has notified the company of his intention to step down from the Board, effective immediately. Plants is the Founder and Chief Investment Officer of Voce ... Read the full article

AM Best places Argo’s credit ratings under review

13th February 2023

Credit ratings of Argo Group International Holdings, Ltd. and its subsidiaries have been placed under review with developing implications by AM Best, according to a recent statement by the credit rating agency. These ratings include the firm’s Long-Term Issuer Credit Rating (Long-Term ICR) of “bbb-” (Good) and the associated Long-Term Issue ... Read the full article

Brookfield Reinsurance’s expansion continues with $1.1bn Argo acquisition

8th February 2023

Brookfield Reinsurance, the operator of a financial services business providing capital-based solutions to the insurance industry, has announced the acquisition of Argo Group International Holdings, Ltd. in an all-cash transaction valued at roughly $1.1 billion. The Boards of Directors of both Brookfield Reinsurance and Argo have unanimously approved the definitive merger ... Read the full article

Westfield completes acquisition of Lloyd’s Syndicate 1200 from Argo Group

3rd February 2023

Westfield Specialty, a US property and casualty insurer, has announced the completion of its acquisition of Lloyd’s of London Syndicate 1200 from Argo Group International Holdings. The deal was first announced in September of last year for a disclosed purchase price of approximately $125 million. At the time, Syndicate 1200 ... Read the full article

2023 set to be hardest property reinsurance market in history: Argo’s Snyder

23rd December 2022

Jessica Snyder, President, US Insurance, Argo Group, suggests that there will be an unprecedented hardening of the reinsurance markets across property and casualty lines in 2023, with ceding commissions down 2-4 points and perhaps the "hardest property reinsurance market in history." Further, Snyder notes that the evolving risk landscape will persist ... Read the full article

Argo wins Board vote after activist nominations withdrawn

16th December 2022

Argo Group International Holdings, Ltd. has reported that its nominations for members of its Board of Directors where “overwhelmingly” voted in favour of by shareholders at its annual general meeting (AGM) this week. The win followed the withdrawal of two board nominations by activist investor Capital Returns Master just days ... Read the full article

Argo challenger withdraws board nominations

13th December 2022

Argo has confirmed that activist investor Capital Returns Master has withdraw its nomination for two candidates to Argo's Board of Directors, just days before shareholders were set to vote on its composition at the company's December 15th annual general meeting (AGM). Argo and Capital Returns have been in a protracted ... Read the full article

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