Reinsurance News
26th March 2021
Speciality re/insurer Argo has announced the retirements of Kathleen Nealon and John Tonelli from the board of directors, effective immediately. This move precedes the company’s Annual General Meeting scheduled for May 6. Following this meeting, the size of company’s board is due to be reduced to 9 directors. “On behalf of the entire ... Read the full article
16th March 2021
AM Best has revised the outlooks to stable from negative and affirmed the financial strength rating (FSR) of A- (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “a-” of Argo Re and its subsidiaries. The rating agency has also revised the outlooks to stable from negative and affirmed the ... Read the full article
15th March 2021
Argo Group is expecting to reduce the level of ceded reinsurance it purchases in 2021 and beyond by exiting poorly performing lines, exiting the reinsurance business and reducing its use of third-party capital layers. Speaking during an investor presentation last week, Argo’s Chief Financial Officer Scott Kirk ... Read the full article
18th February 2021
Specialty re/insurer Argo Group has reported a fourth quarter 2020 net loss of $19.7 million, up from the $103.3 million loss posted for the prior year quarter. Operating loss in the fourth quarter was $18.2 million compared to an operating loss of $73.9 million for the prior year quarter. The company’s combined ... Read the full article
9th February 2021
Argo Group International Holdings, Ltd. has announced that Scott Kirk has been appointed to succeed Jay Bullock as the firm's Chief Financial Officer (CFO), effective March 1st, 2021. Kirk joins the firm from Aspen Insurance Holdings Limited, where he served as CFO from 2014 to April 2020. Argo Group announced in ... Read the full article
3rd February 2021
Argo Group International Holdings, Ltd. has announced that its fourth-quarter 2020 results will be adversely affected by estimated losses of $51 million related to various natural catastrophe events and the COVID-19 pandemic. The re/insurer expects natural catastrophe losses to amount to approximately $38 million in Q4, primarily driven by Hurricanes Delta ... Read the full article
29th January 2021
Specialty insurance and reinsurance firm Argo has announced the appointment of Tom McCartney as group head of ceded reinsurance. McCartney will be based in Chicago and succeeds Katie Partington Howarth, who has been named as the Chief Underwriting Officer (CUO) and Head of Reinsurance Products Division at AXIS Re. McCartney joined ... Read the full article
24th December 2020
Specialty insurer Argo Group has agreed to sell its Italian operations to Perfuturo Capital, a Swiss Holding Company. Perfuturo's purchase of of ArgoGlobal Assicurazioni S.p.A is subject to regulatory approval and expected to occur in early 2021. “We are confident that Perfuturo’s expertise and knowledge of the European market will allow AGA ... Read the full article
11th December 2020
Former Argo Chief Executive Mark Watson has agreed a $450,000 settlement with The Securities and Exchange Commision (SEC) after the specialty insurer was found to have bankrolled undisclosed executive perks and personal benefits that totalled an estimated cost of $5.3 million. The San Antonio Express News has reported that the SEC ... Read the full article
11th December 2020
Argo Environmental, a member of Argo Group International Holdings, has appointed five new underwriters to bolster its US Environmental staff. The new hires include Joy Christie as vice president, Phillip Martell as assistant vice president, Jeff Chao as senior underwriter, Brandon Turner as underwriter, and Yuriy Cherepnya as underwriter. All join Argo ... Read the full article
2nd November 2020
Argo Group has reached an agreement with Pelican Ventures and J.C. Flowers & Co that will see the two private equity investors acquire property and casualty reinsurance underwriter Ariel Re for an undisclosed sum. Terms for an operational partnership with Apollo Syndicate Management have been also agreed upon. The partnership will be ... Read the full article
22nd October 2020
Speciality re/insurer Argo Group has warned that its third quarter results will be impacted by approximately $54 million of catastrophe losses, in addition to $17 million of losses due to COVID-19. Catastrophe losses will be primarily related to Hurricanes Hanna, Laura and Sally, as well as the US wildfires and Midwest ... Read the full article
12th October 2020
ArgoGlobal, a Lloyd’s insurer and member of speciality reinsurer Argo Group, has entered into a reinsurance-to-close (RITC) transaction with legacy specialist RiverStone. The deal will see RiverStone undertake an RITC of ArgoGlobal’s Syndicate 1200 for 2017 and prior years with net technical provisions of £356 million. The transaction is expected to receive ... Read the full article
1st October 2020
Speciality re/insurer Argo Group has announced the appointment of Allison Kiene to serve as group general counsel. Kiene will be responsible for the company’s legal and compliance teams and will report directly to Chief Executive Officer Kevin Rehnberg. She joins from Sompo International, having most recently served as assistant general counsel and ... Read the full article
17th September 2020
Argo Environmental, a subsidiary of specialty re/insurer Argo Group International Holdings Ltd., has announced the appointment of David Corry as Senior Vice President (SVP), Head of Environmental. Corry joins Argo from Markel, where he was senior director of environmental and energy insurance. He previously spent a decade working at Crum & Forster ... Read the full article
