Reinsurance News

Argo Group

Argo Group and subsidiaries’ ratings downgraded by A.M. Best

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

Argo reports operating loss, unfavourable reserve development

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

Argo warns ahead of “unacceptable” $114mn Q4 loss

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

Argo confirms addition of Carol McFate to its Board

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

ArgoGlobal-backed Loadsure secures Lloyd’s coverholder approval

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

Argo reaches agreement to sell Trident Public Risk Solutions to Paragon

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

ArgoGlobal bolsters leadership team with dual hires

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

Five long-standing Argo board members to step down

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

Mark Watson set for $2.5m Argo payout

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

Argo sets record date of January 8th for shareholder vote eligibility

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

Argo criticises Voce’s latest call to replace board members

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

Argo outlook revised to negative by S&P

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

Argo’s “diminished credibility” prompts AM Best ratings review

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

Voce accuses Argo board of ‘being asleep at switch for decades’

7th November 2019

Argo Group shareholder Voce Capital Management has described the specialty re/insurer’s board as having been “asleep at the switch for decades” and urged for immediate and sweeping changes at the company following the Read the full article

Argo announces new US reporting structure

1st November 2019

Specialty re/insurer Argo has announced a new reporting structure for the Americas aimed at maintaining operational excellence and providing additional senior leadership to the region. The new structure will be led by three newly appointed executive vice presidents, all of whom will report to Kevin Rehnberg, president, group Chief Administrative Officer ... Read the full article

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